Bad Credit First Time Buyer Home Loan
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When you fill out an application for any kind of credit, whether it is a credit card or store card, a mortgage or a loan, for example, you will undergo a credit check by the creditor that you are applying to for credit.
A credit check allows a loan provider to investigate your past and current financial history, including whether you service your debts on time, make late payments, or have neglected payments. A credit check also reveals any outstanding debts and also any County Court Judgements (CCJ's) and other lapses.
This then offers the company an idea of what degree of financial risk you will be if they choose to give you a loan - and what the chances are of getting the loan money back! Naturally, no company desires to offer a loan to someone who won't pay it back on time or doesn't pay at all! This checking procedure is called credit scoring.
There are several bodies who have this data about you - the two principle ones are Experian and Equifax.
When you are thinking about borrowing money, get hold of a copy of your credit file beforehand. This is for you to examine if all the information within it is accurate and question anything that is not right. For example, just a little bit of mistaken information - say your file indicates an existing debt that has been dealt with - could significantly impact you being approved for credit - or not.
In order to obtain a copy of your credit file you have to get in touch with one of the credit record agencies. It will cost you a small fee (somewhere around £2) and a copy will be sent to you for you to assess.
Check that your record has you on the electoral roll - if this is not the case, this will have a damaging consequence for your score. Also, financial 'associations' - where maybe a person who is living with you or previously lived at your address has a poor credit rating - will affect your chances of getting any credit.
If you see anything that is false on your record, contact, in writing, the organisation who has put down faulty information regarding you, and send a copy to the credit reference agency as well.
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