List Of Bad Credit Loan Companies
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When you apply for any kind of credit, whether it's a bank credit card or store card, a loan or a mortgage, for example, you will have to go through a credit check by the loan provider that you are approaching for credit.
A credit check is a means for a lender to see your past and current financial history, issues such as whether you settle your financial obligations on time, make overdue payments, or have not made payments. A credit check also shows any unresolved debts and any County Court Judgements (CCJ's) and additional defaults.
This offers the lender details of what level of risk you present if they determine to give you credit - and the probability of getting the money they've lent you back! Of course, no company is willing to lend to someone who pays it back late or not at all! This checking procedure is known as credit rating.
There are a few agencies who hold this financial information - the major ones are Experian and Equifax.
If you are thinking about taking out a loan, get hold of a copy of your credit file before anything else. This is for you to confirm that all of your information included in it is accurate and question anything that is inaccurate. For instance, even just one bit of erroneous information - say your file mentions an existing debt that was paid - could be the key factor in getting accepted for credit - or not.
To obtain a copy of your credit file you will need to contact a credit record agency. They will charge you a small fee (approximately £2) and you will be sent a copy for you to look at.
Ensure that your file has you on the electoral roll - if this is not the case, this will have an adverse consequence for your credit rating. Also, financial 'associations' - where possibly another person who is living with you or lived at your address at one time has a poor credit rating - will have an impact on your likelihood of getting credit.
If you find anything that is incorrect on your record, report it, in writing, to the organisation who has put down wrong information about you, and send out a copy to the credit reference agency as well.
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