I Have Low Credit And I Need A Loan
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When you fill out an application for any kind of 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 company from whom you are requesting credit.
A credit check is a tool for a potential creditor to see your past and current financial history, which includes whether you settle your financial obligations on time, make late payments, or have failed to make payments. A credit check also shows additional outstanding amounts and any County Court Judgements (CCJ's) and additional defaults.
Consequently this gives the company an idea of what degree of financial risk you will be if they decide to give you a loan - and what the chances are of getting the loan money back! After all, no one wishes to offer a loan to someone who pays it back late or defaults on it entirely! This checking procedure is known as credit rating.
There are some agencies who store this information concerning you - the most widely known are Equifax and Experian.
In the event you are thinking about taking out a loan, ask for a copy of the credit report beforehand. This means that you can confirm that all of your information included in it is correct and query anything that is not right. As an example, just a single item of mistaken information - say your credit file records an existing debt that has been settled - could be the key factor in getting accepted for a loan or mortgage - or not.
For a copy of your credit record you will need to contact a credit reference agency. You will have to pay a small amount (around £2) and you will be sent a copy for you to look at.
Confirm that your credit record records you on the electoral roll - if this is not so, this will have a negative impact on your score. Also, financial 'associations' - where possibly someone who lives with you or has lived at your address previously has an inadequate credit rating - will have an impact on the probability of getting any credit.
If you come across anything that is false on your credit file, contact, in writing, the organisation who has listed faulty data concerning you, and send out a copy to the credit reference agency as well.
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