Bad Credit Loans No Brokers Fee
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When you fill out an application for credit, whether it is a credit card or store card, a loan or a mortgage, for example, you will undergo a credit check by the company from whom you are requesting credit.
A credit check is a method that allows a potential creditor to view your past and present financial history, including whether you pay off your debts on time, are late with payments, or have not made payments. A credit check also presents any unresolved debts and any records of County Court Judgements (CCJ's) and other lapses.
Consequently this offers the creditor a report of what sort of risk you present should they choose to give you credit - and what the chances are of getting the money back! After all, no lender desires to offer money to someone who pays it back late or defaults on it entirely! This checking process is referred to as credit rating.
There are several organisations who store this data concerning you - the two principle ones are Experian and Equifax.
Should you be thinking about taking out credit, obtain a copy of your credit file before anything else. This is so that you can confirm that all the information on it is accurate and query anything that is questionable. As an example, even only a little bit of mistaken information - say your credit file records an unsettled debt that was paid - could be the key factor in getting accepted for a loan or mortgage - or not.
In order to obtain a copy of your credit file you must make contact with one of the credit reference agencies. It will cost you a small amount (about £2) and a copy will be sent to you for you to look through.
Ensure that your file has you on the electoral roll - if you are not there, this will have a negative influence on your credit score. Also, financial 'associations' - where perhaps someone who lives with you or previously lived at your address has a weak credit rating - will influence your chances of getting any credit.
If you uncover information that is not correct on your file, make contact, in writing, with the company who has put down inaccurate information regarding you, and send a copy to the credit record agency as well.
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