Debt Consolidation Bad Credit Loans For Unemployed Disabled People
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When you make an application for credit, whether it's a bank credit card or store card, a loan or a mortgage, for example, you will have to go through a credit check by the loan company through whom you are seeking credit.
A credit check is a means for a lender to investigate your financial history, past and present, including whether you pay off your debts on time, are late in making payments, or have missed payments. A credit check also presents additional unresolved debts and any County Court Judgements (CCJ's) and additional defaults.
Consequently this gives the loan company a report of what type of financial risk you present if they decide to give you credit - and what chances they have of getting their money back! In the end, no company desires to offer a loan to someone who doesn't make payments on time or not at all! This checking system is known as credit rating.
There are some bodies who have this financial information - the two main ones are Experian and Equifax.
When you are considering borrowing money, get hold of a copy of the credit report before anything else. This means that you can see if all the data showing on it is accurate and query anything that is questionable. For instance, just a little bit of erroneous information - say your file indicates an unpaid debt that was covered - could be the key factor in being approved for a mortgage or loan - or not.
For a copy of your credit record you must approach one of the credit reference agencies. You will be required to pay a small fee (around £2) and a copy will be sent to you for your perusal.
Make sure that your credit record shows you on the electoral roll - if this is not the case, this will have a damaging effect on your credit score. Also, financial 'associations' - where maybe another person who is living with you or previously lived at your address has an inadequate credit rating - will have an impact on your capacity to get any credit.
If you find information that is wrong on your record, inform, in writing, the organisation who has listed inaccurate information concerning you, and send out a copy to the credit reference agency too.
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