Guaranteed Loans Whatever The Circumstances
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When you make an application for any kind of credit, whether it's a store card or credit card, a loan or a mortgage, for example, you will undergo a credit check by the loan company that you are applying to for credit.
A credit check helps a loan company to view your previous and present financial history, issues such as whether you take care of your debts on time, are late in making payments, or have missed payments. A credit check also includes other unsettled debts and any history of County Court Judgements (CCJ's) and other defaults.
Consequently this offers the lender an idea of what sort of financial risk you present if they choose to give you a loan - and what the chances are of getting the money back! Naturally, no lender wishes to lend to someone who pays it back late or defaults on it entirely! This checking system is referred to as credit scoring.
There are some organisations who have this financial information - the best known are Equifax and Experian.
In the event you are thinking about applying for credit, request a copy of the credit report beforehand. This will enable you to check that all the data included in it is correct and query anything that is not right. For example, just a little bit of wrong information - say your file notes an unpaid debt that has been settled - could sway the decision for being offered a mortgage or loan - or not.
In order to obtain a copy of your credit record you have to make contact with a credit reference agency. You will be required to pay a small amount (approximately £2) and a copy will be sent to you for your perusal.
Confirm that your record includes you on the electoral roll - if you are not there, this will have a detrimental consequence for your credit score. Also, financial 'associations' - where perhaps a person who is living with you or has lived at your address previously has an unacceptable credit rating - will influence your chances of getting any credit.
If you see any detail that is incorrect on your file, inform, in writing, the organisation who has presented faulty details concerning you, and send a copy to the credit reference agency too.
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