Bank Loans With No Credit History
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When you apply for 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 creditor from whom you are requesting credit.
A credit check is a means for a potential creditor to see your previous and present financial history, which includes whether you pay off your debts on time, are late in making payments, or have neglected payments. A credit check also shows any outstanding amounts and any records of County Court Judgements (CCJ's) and additional defaults.
This gives the lender details of what sort of risk you will be if they decide to give you a loan - and the probability of getting the loan money back! After all, there is no one who desires to lend money to someone who pays it back late or defaults on it entirely! This checking practice is known as credit scoring.
There are a few bodies who hold this data about you - the two principle ones are Equifax and Experian.
Should you be thinking about taking out a loan, obtain a copy of your credit file before anything else. This is so that you can examine if all the information within it is right and query anything that is inaccurate. As an example, only a tiny bit of incorrect information - maybe your file shows an existing debt that was covered - could be the difference between getting approved for a mortgage or loan - or not.
In order to get a copy of your file you must contact one of the credit record agencies. You will be required to pay a small amount (about £2) and they will send you a copy for you to look through.
Confirm that your record records you on the electoral roll - if not, this will have a damaging impact on your score. Also, financial 'associations' - where perhaps a person who lives with you or who lived at your address before has an inadequate credit rating - will have an influence on the probability of getting any credit.
If you come across data that is not correct on your record, report it, in writing, to the company who has listed wrong details regarding you, and send out a copy to the credit record agency too.
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