I Have Very Bad Credit And Need A Loan
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When you attempt to get any credit, whether it is a credit card or store card, a loan or a mortgage, for example, you will be subjected to a credit check by the loan provider that you are approaching for credit.
A credit check is a means for a loan provider to look at your previous and present financial history, which includes whether you pay off your debts on time, are late in making payments, or have not made payments. A credit check also indicates other unpaid debts and also any County Court Judgements (CCJ's) and additional failures.
This therefore gives the lender an idea of what degree of financial risk you will be if they decide to offer you a loan - and what the chances are of getting the money they've lent you back! After all, there is no one who wants to offer money to someone who doesn't make payments on time or not at all! This checking procedure is referred to as credit scoring.
There are some bodies who hold this data about you - the best known are Equifax and Experian.
In the event you are thinking about applying for credit, request a copy of your credit file before anything else. This is for you to examine if all the data included in it is accurate and challenge anything that is inaccurate. For instance, even just one bit of erroneous information - say your credit file records an unpaid debt that has been dealt with - could significantly impact you being approved for a loan or mortgage - or not.
To obtain a copy of your credit record you must make contact with a credit reference agency. They will charge you a small amount (about £2) and you will be sent a copy for you to look at.
Check that your file has you on the electoral roll - if not, this will have a negative consequence for your score. Also, financial 'associations' - where possibly a person who lives with you or has lived at your address previously has a weak credit rating - will have an impact on your ability to get credit.
If you uncover information that is false on your credit file, get in touch, in writing, with the company who has given faulty details concerning you, and deliver a copy to the credit record agency too.
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