Im Blacklisted And I Need A Loan
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When you fill out an application for any kind of credit, whether it's a store card or credit card, a mortgage or a loan, for instance, you will be subjected to a credit check by the company from whom you are requesting credit.
A credit check is a way for a loan company to view your financial history, past and present, issues such as whether you settle your debts on time, make late payments, or have not made payments. A credit check also shows any unpaid debts and any records of County Court Judgements (CCJ's) and additional defaults.
This therefore offers the lender a profile of what type of financial risk you present if they decide to offer you a loan - and the probability of getting their money back! Of course, nobody is keen to lend to someone who pays it back late or defaults on it entirely! This checking process is termed credit scoring.
There is a number of bodies who keep this data concerning you - the two principle ones are Experian and Equifax.
If you are in the process of thinking about taking out any kind of credit, get hold of a copy of the credit report beforehand. This means that you can examine if all the data within it is accurate and question anything that looks wrong. For example, even just one bit of erroneous information - maybe your file shows an outstanding debt that has been paid - could mean the difference between getting accepted for credit - or not.
For a copy of your record you will need to get in touch with a credit record agency. You will have to pay a small amount (about £2) and a copy will be sent to you for you to look through.
Ensure that your credit file includes you on the electoral roll - if you are not on it, this will have an adverse effect on your credit rating. Also, financial 'associations' - where possibly someone else who lives with you or who lived at your address before has an inadequate credit rating - will affect your likelihood of getting any credit.
If you see any detail that is incorrect on your file, inform, in writing, the company who has presented wrong details regarding you, and deliver a copy to the credit reference agency as well.
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