Bank Loan For Someone With Bad Credit
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When you apply for any credit, whether it is a credit card or store card, a mortgage or a loan, for example, you will be subjected to a credit check by the loan company that you are asking for credit.
A credit check helps a financial organisation to view your previous and present financial history, issues such as whether you pay off your debts on time, make late payments, or have neglected payments. A credit check also reveals additional unresolved debts and any history of County Court Judgements (CCJ's) and other lapses.
Consequently this offers the lender details of what kind of financial risk you present should they decide to lend you money - and what the likelihood is of getting the loan paid back! Of course, there is no one who desires to lend to someone who won't pay it back on time or not at all! This checking procedure is called credit scoring.
There are several organisations who have this information about you - the best known are Equifax and Experian.
Should you be making a decision about taking out any kind of credit, get hold of a copy of the credit report first. This will give you an opportunity to determine if all the information showing on it is correct and question anything that looks out of place. For instance, even only a little bit of erroneous information - say your report indicates an unsettled debt that has been dealt with - could be the difference between being offered credit - or not.
In order to get a copy of your record you will need to contact a credit reference agency. You will be charged a small amount (approximately £2) and they will send you a copy for you to assess.
Confirm that your credit file includes you on the electoral roll - if this is not so, this will have a harmful impact on your score. Also, financial 'associations' - where maybe a person who is living with you or has lived at your address previously has an inadequate credit rating - will affect your ability to get credit.
If you find data that is not correct on your record, get in touch, in writing, with the organisation who has given wrong information about you, and deliver a copy to the credit record agency as well.
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