I Need A Loan But Im In Debt
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When you attempt to get credit, whether it's a store card or credit card, a mortgage or a loan, for example, you will undergo a credit check by the company that you are asking for credit.
A credit check helps a financial organisation to evaluate your past and current financial history, issues such as whether you settle your financial obligations on time, make overdue payments, or have missed payments. A credit check also presents any outstanding amounts and any County Court Judgements (CCJ's) and additional failures.
Consequently this gives the company details of what type of risk you will be should they choose to give you a loan - and what the likelihood is of getting their money back! After all, no one wants to offer a loan to someone who doesn't make payments on time or defaults on it entirely! This checking practice is known as credit rating.
There are a few organisations who store this data about you - the major ones are Equifax and Experian.
Should you be thinking about taking out credit, request a copy of the credit report before anything else. This will enable you to confirm that all of your information showing on it is right and point out anything that is questionable. For instance, just a small piece of erroneous information - maybe your report records an outstanding debt that has been settled - could be the difference between getting accepted for some kind of credit - or not.
To get hold of your record you must approach one of the credit reference agencies. You will be required to pay a small amount (somewhere around £2) and a copy will be sent to you for you to look at.
Confirm that your credit file records you on the electoral roll - if this is not so, this will have an adverse impact on your credit score. Also, financial 'associations' - where perhaps someone else who is living with you or previously lived at your address has an inadequate credit score - will have an impact on your capacity to get any credit.
If you uncover data that is incorrect on your file, report it, in writing, to the company who has presented wrong details about you, and forward a copy to the credit record agency too.
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