Debt Consolidation Loans For Non Homeowner
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When you fill out an application for any sort of credit, whether it's a bank credit card or store card, a loan or a mortgage, for instance, it will be necessary for you to undergo a credit check by the loan company that you are asking for credit.
A credit check allows a loan provider to evaluate your past and present financial history, including whether you settle your debts on time, are late with payments, or have failed to make payments. A credit check also shows any outstanding debts and also any County Court Judgements (CCJ's) and other lapses.
This gives the company details of how much financial risk you will be should they choose to give you a loan - and what the chances are of getting the loan paid back! In the end, no company is keen to give money to someone who won't pay it back on time or not at all! This checking system is known as credit scoring.
There is a number of agencies who keep this financial information - the major ones are Experian and Equifax.
If you are considering taking out credit, request a copy of the credit report first. This means that you can see if all of your information included in it is right and point out anything that is not right. As an example, even only a little bit of mistaken information - say your report mentions an existing debt that was covered - could sway the decision for getting accepted for credit - or not.
In order to get a copy of your credit record you will need to make contact with one of the credit reference agencies. They will charge you a small fee (somewhere around £2) and you will be sent a copy for you to assess.
Confirm that your credit record has you on the electoral roll - if this is not the case, this will have a detrimental impact on your score. Also, financial 'associations' - where maybe someone else who lives with you or has lived at your address previously has a weak credit rating - will have an impact on your chances of getting credit.
If you come across data that is incorrect on your file, make contact, in writing, with the company who has given faulty data regarding you, and send out a copy to the credit reference agency too.
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