I Have No Credit But I Need A Loan
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When you attempt to get credit, whether it's a store card or credit card, a loan or a mortgage, for example, you will have to go through a credit check by the lender through whom you are seeking credit.
A credit check is a tool for a loan company to see your previous and present financial history, including whether you settle your debts on time, are late in making payments, or have neglected payments. A credit check also includes other unsettled debts and any records of County Court Judgements (CCJ's) and additional failures.
This therefore gives the company an idea of how much financial risk you present should they choose to give you credit - and what the likelihood is of getting the money back! In the end, nobody desires to offer money to someone who won't pay it back on time or doesn't pay at all! This checking practice is referred to as credit rating.
There are some agencies who store this financial information - the major ones are Experian and Equifax.
Should you be considering applying for credit, obtain a copy of your credit file first. This will allow you to examine if all of your information showing on it is right and point out anything that looks wrong. For example, even only a little bit of mistaken information - maybe your report notes an existing debt that has been paid - could sway the decision for being approved for a mortgage or loan - or not.
For a copy of your credit record you can make contact with a credit record agency. They will charge you a small fee (somewhere around £2) and a copy will be sent to you for you to assess.
Confirm that your record shows you on the electoral roll - if not, this will have a harmful effect on your credit rating. Also, financial 'associations' - where possibly someone else who lives with you or previously lived at your address has a poor credit rating - will have an impact on the probability of getting credit.
If you uncover any detail that is wrong on your file, contact, in writing, the organisation who has presented wrong information regarding you, and forward a copy to the credit record agency as well.
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