Secured Loan Advantage Does Having A Secured Loan Prevent You Getting Mortgage
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When you make an application for a loan or credit of any sort, whether it's a bank credit card or store card, a loan or a mortgage, for instance, you will be subjected to a credit check by the lender that you are applying to for credit.
A credit check allows a potential creditor to investigate your previous and present financial history, including whether you settle your financial obligations on time, are late with payments, or have neglected payments. A credit check also presents additional outstanding debts and also any County Court Judgements (CCJ's) and other lapses.
Consequently this offers the company a report of what kind of financial risk you present should they choose to give you credit - and what chances they have of getting the money they've lent you back! Of course, nobody desires to give money to someone who doesn't make payments on time or not at all! This checking procedure is termed credit scoring.
There are a few organisations who have this data concerning you - the two principle ones are Experian and Equifax.
Should you be thinking about taking out a loan, get hold of a copy of the credit report before anything else. This is for you to confirm that all the information showing on it is correct and query anything that is not right. For instance, just a little bit of distorted information - maybe your file notes an unresolved debt that has been dealt with - could significantly impact you being granted a loan or mortgage - or not.
To get a copy of your record you will need to approach a credit reference agency. They will charge you a small fee (about £2) and they will send you a copy for you to look through.
Verify that your file has you on the electoral roll - if this is not so, this will have a harmful effect on your credit score. Also, financial 'associations' - where possibly someone else who lives with you or has lived at your address previously has a low credit score - will influence your chances of getting credit.
If you see data that is wrong on your credit file, make contact, in writing, with the company who has listed wrong data regarding you, and send out a copy to the credit record agency as well.
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