Cheap Loan Bad Credit
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When you apply for any kind of credit, whether it is a credit card or store card, a loan or a mortgage, for instance, you will undergo a credit check by the loan provider that you are approaching for credit.
A credit check is a way for a potential creditor to see your past and present financial history, including whether you service your debts on time, are late in making payments, or have not made payments. A credit check also includes other unresolved debts and any County Court Judgements (CCJ's) and other defaults.
Consequently this gives the creditor a report of what type of financial risk you will be if they decide to lend you money - and what chances they have of getting their money back! Of course, no company wishes to offer money to someone who won't pay it back on time or doesn't pay at all! This checking procedure is referred to as credit rating.
There are several bodies who hold this information about you - the most widely known are Experian and Equifax.
Should you be considering borrowing money, get hold of a copy of your credit file beforehand. This will enable you to see if all the data showing on it is accurate and point out anything that looks wrong. For example, just a little bit of incorrect information - say your file notes an unpaid debt that was paid - could sway the decision for being offered a loan or mortgage - or not.
In order to obtain a copy of your credit file 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 at.
Verify that your record shows you on the electoral roll - if this is not so, this will have a negative consequence for your credit score. Also, financial 'associations' - where maybe someone who lives with you or previously lived at your address has an inadequate credit rating - will influence the probability of getting any credit.
If you uncover data that is not correct on your file, get in touch, in writing, with the organisation who has given incorrect data regarding you, and send out a copy to the credit reference agency too.
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