Good Loans For People With Poor Credit
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When you make a request for a loan or credit of any sort, whether it's a bank credit card or store card, a mortgage or a loan, for example, you will undergo a credit check by the company that you are asking for credit.
A credit check allows a loan provider to view your previous and present financial history, including whether you take care of your debts on time, are late in making payments, or have neglected payments. A credit check also presents any unpaid debts and any County Court Judgements (CCJ's) and additional defaults.
This therefore gives the creditor a profile of what level of financial risk you will be should they choose to give you credit - and the probability of getting their money back! Naturally, no lender desires to offer a loan to someone who pays it back late or defaults on it entirely! This checking process is called credit scoring.
There is a number of organisations who keep this financial information - the major ones are Equifax and Experian.
When you are considering borrowing money, ask for a copy of your credit file before anything else. This is so that you can check that all the information showing on it is right and question anything that looks out of place. For instance, even just one bit of distorted information - say your report records an unresolved debt that has been paid - could be the key factor in being offered some kind of credit - or not.
For a copy of your file you must approach one of the credit reference agencies. It will cost you a small amount (approximately £2) and you will be sent a copy for you to look through.
Check that your credit file includes you on the electoral roll - if you are not there, this will have a negative effect on your credit score. Also, financial 'associations' - where maybe someone who is living with you or previously lived at your address has an inadequate credit score - will affect your capacity to get credit.
If you find any detail that is wrong on your credit file, contact, in writing, the company who has put down wrong information concerning you, and send out a copy to the credit reference agency as well.
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