Get A Loan Without Guarantor
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When you fill out an application for a loan or credit of any sort, whether it's a bank credit card or store card, a mortgage or a loan, for instance, you will undergo a credit check by the creditor through whom you are seeking credit.
A credit check is a means for a lender to examine your past and current financial history, including whether you pay off your debts on time, make late payments, or have neglected payments. A credit check also presents any outstanding amounts and any records of County Court Judgements (CCJ's) and additional defaults.
This then offers the loan company a profile of what kind of risk you will be if they determine to give you credit - and what the chances are of getting the money back! After all, no one wishes to offer money to someone who won't pay it back on time or doesn't pay at all! This checking process is termed credit scoring.
There are a few agencies who compile this data concerning you - the most widely known are Equifax and Experian.
When you are thinking about taking out a loan, request a copy of the credit report before anything else. This will give you an opportunity to confirm that all the information in it is right and point out anything that looks out of place. For example, just a little bit of distorted information - say your credit report notes an unsettled debt that has been paid - might be the determining factor for being offered a mortgage or loan - or not.
For a copy of your record you have to make contact with a credit record agency. You will be charged a small fee (about £2) and you will be sent a copy for you to look through.
Verify that your record includes you on the electoral roll - if you are not there, this will have a detrimental impact on your credit score. Also, financial 'associations' - where perhaps someone who is living with you or has lived at your address previously has an inadequate credit score - will influence your likelihood of getting any credit.
If you come across anything that is wrong on your record, get in touch, in writing, with the organisation who has listed wrong details regarding you, and send out a copy to the credit reference agency as well.
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