High Percentage Secured Loans
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When you make an application for any credit, whether it is a credit or store card, a loan or a mortgage, for example, you will have to go through a credit check by the loan provider that you are approaching for credit.
A credit check allows a lender to investigate your financial history, past and present, including whether you meet your financial obligations on time, are late in making payments, or have missed payments. A credit check also indicates additional unsettled debts and any history of County Court Judgements (CCJ's) and other lapses.
Consequently this offers the lender a report of how much risk you will be should they choose to give you credit - and what the likelihood is of getting the money they've lent you back! In the end, no one is willing to offer money to someone who won't pay it back on time or doesn't pay at all! This checking procedure is called credit scoring.
There are some agencies who compile this information about you - the two principle ones are Experian and Equifax.
In the event you are making a decision about taking out credit, request a copy of the credit report first of all. This will allow you to determine if all the data within it is accurate and point out anything that is not right. For instance, even only a little bit of wrong information - maybe your report records an unsettled debt that has been dealt with - could significantly impact you getting accepted for a loan or mortgage - or not.
In order to obtain a copy of your record you have to contact one of the credit reference agencies. It will cost you a small fee (about £2) and a copy will be sent to you for you to look through.
Confirm that your record shows you on the electoral roll - if you are not there, this will have a negative impact on your credit score. Also, financial 'associations' - where maybe someone else who lives with you or who lived at your address before has a low credit rating - will have an impact on your capacity to get credit.
If you uncover anything that is false on your credit record, report it, in writing, to the company who has given faulty details about you, and deliver a copy to the credit record agency as well.
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