I Am Not Working And Need A Loan
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When you attempt to get any sort of credit, whether it is a credit card or store card, a mortgage or a loan, for example, you will be subjected to a credit check by the loan provider through whom you are seeking credit.
A credit check allows a lender to examine your past and current financial history, which includes whether you settle your debts on time, are late in making payments, or have neglected payments. A credit check also presents additional unsettled debts and any County Court Judgements (CCJ's) and other defaults.
This therefore gives the lender a picture of how much financial risk you will be if they decide to lend to you - and the probability of getting the loan money back! Naturally, no company is willing to give money to someone who doesn't make payments on time or doesn't pay at all! This checking practice is referred to as credit scoring.
There are several agencies who have this information about you - the best known are Experian and Equifax.
In the event you are making a decision about taking out a loan, request a copy of your credit file first. This is for you to determine if all the information on it is correct and point out anything that looks wrong. As an example, just a little bit of incorrect information - say your credit file shows an existing debt that was covered - might be the determining factor for getting approved for a mortgage or loan - or not.
In order to obtain a copy of your record you will need to go through a credit reference agency. They will charge you a small amount (approximately £2) and a copy will be sent to you for you to assess.
Ensure that your record includes you on the electoral roll - if you are not on it, this will have a damaging effect on your credit score. Also, financial 'associations' - where maybe another person who is living with you or has lived at your address previously has a weak credit score - will influence your likelihood of getting credit.
If you see any detail that is incorrect on your credit record, get in touch, in writing, with the organisation who has given faulty information concerning you, and send out a copy to the credit reference agency too.
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