Bad Credit No Job Loans
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When you apply for credit, whether it is a credit or store card, a loan or a mortgage, for instance, it will be necessary for you to undergo a credit check by the creditor through whom you are seeking credit.
A credit check helps a loan company to evaluate your previous and present financial history, issues such as whether you settle your financial obligations on time, are late with payments, or have missed payments. A credit check also shows any unsettled debts and any County Court Judgements (CCJ's) and other defaults.
This offers the loan company a picture of what level of risk you present if they choose to give you a loan - and what the likelihood is of getting the money back! After all, nobody wants to give money to someone who pays it back late or doesn't pay at all! This checking procedure is called credit scoring.
There is a number of bodies who store this financial information - the best known are Equifax and Experian.
If you are in the process of considering taking out credit, get a copy of your credit file before anything else. This will give you an opportunity to examine if all the data in it is correct and point out anything that is questionable. For example, even only a little bit of distorted information - say your file shows an unsettled debt that was paid - could sway the decision for being approved for a mortgage or loan - or not.
In order to obtain a copy of your record you have to contact one of the credit reference agencies. They will charge you a small fee (somewhere around £2) and you will be sent a copy for you to look at.
Verify that your credit record shows you on the electoral roll - if you are not there, this will have a harmful consequence for your credit score. Also, financial 'associations' - where maybe a person who lives with you or previously lived at your address has a poor credit rating - will have an influence on your ability to get any credit.
If you uncover anything that is not correct on your credit file, contact, in writing, the company who has included incorrect information regarding you, and deliver a copy to the credit record agency too.
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