Adverse Credit Loans In The UK
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When you make an application for credit, whether it is a credit or store card, a mortgage or a loan, for instance, it will be necessary for you to undergo a credit check by the lender from whom you are requesting credit.
A credit check allows a loan provider to look at your past and present financial history, which includes whether you service your debts on time, make overdue payments, or have missed payments. A credit check also includes other outstanding amounts and also any County Court Judgements (CCJ's) and additional failures.
This therefore offers the company details of what degree of financial risk you present should they choose to lend to you - and the probability of getting the loan money back! Naturally, no one is keen to offer a loan to someone who won't pay it back on time or not at all! This checking procedure is called credit scoring.
There are several bodies who store this financial information - the two principle ones are Equifax and Experian.
Should you be thinking about taking out credit, get a copy of the credit report first of all. This will give you an opportunity to confirm that all of your information on it is correct and question anything that is inaccurate. For example, just a single item of mistaken information - say your credit report indicates an unsettled debt that has been dealt with - could be the difference between getting approved for a mortgage or loan - or not.
In order to get a copy of your record you will need to get in touch with one of the credit reference agencies. You will have to pay a small amount (about £2) and a copy will be sent to you for you to look at.
Make sure that your record has you on the electoral roll - if this is not so, this will have a damaging consequence for your score. Also, financial 'associations' - where possibly someone who lives with you or previously lived at your address has an unacceptable credit score - will affect the probability of getting any credit.
If you uncover anything that is incorrect on your file, inform, in writing, the organisation who has put down faulty information concerning you, and forward a copy to the credit reference agency as well.
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