Letter To Bank Asking For Loan
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When you make a request for any kind of credit, whether it is a credit card or store card, a loan or a mortgage, for example, it will be necessary for you to undergo a credit check by the loan company through whom you are seeking credit.
A credit check is a method that allows a lender to view your past and current financial history, issues such as whether you settle your financial obligations on time, are late in making payments, or have failed to make payments. A credit check also reveals additional unresolved debts and any County Court Judgements (CCJ's) and other lapses.
This therefore gives the company a picture of what sort of financial risk you will be if they choose to lend you money - and the probability of getting their money back! Of course, no one is keen to lend money to someone who doesn't make payments on time or defaults on it entirely! This checking system is referred to as credit rating.
There are a few agencies who store this information about you - the two principle ones are Experian and Equifax.
If you are thinking about taking out any kind of credit, obtain a copy of your credit file before anything else. This means that you can determine if all of your information included in it is right and query anything that looks out of place. For example, just a little bit of distorted information - say your file indicates an unresolved debt that has been dealt with - could significantly impact you being approved for a mortgage or loan - or not.
To obtain a copy of your credit record you can approach one of the credit reference agencies. You will have to pay a small amount (somewhere around £2) and you will be sent a copy for you to look at.
Verify that your file has you on the electoral roll - if this is not the case, this will have a negative impact on your credit rating. Also, financial 'associations' - where perhaps someone who is living with you or has lived at your address previously has an unacceptable credit score - will have an impact on the probability of getting any credit.
If you come across anything that is wrong on your credit record, inform, in writing, the company who has listed faulty information regarding you, and send a copy to the credit record agency too.
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