Finance Companies That Loan To Bad Credit
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When you attempt to get any credit, whether it is a credit card or store card, a mortgage or a loan, for example, you will undergo a credit check by the loan provider through whom you are seeking credit.
A credit check is a way for a financial organisation to see your financial history, past and present, issues such as whether you settle your debts on time, make late payments, or have missed payments. A credit check also reveals additional outstanding amounts and any history of County Court Judgements (CCJ's) and other lapses.
This then offers the loan company a picture of what kind of risk you present should they choose to lend you money - and what the likelihood is of getting their money back! In the end, there is no one who wishes to lend money to someone who doesn't make payments on time or not at all! This checking system is known as credit scoring.
There are some organisations who store this information concerning you - the two main ones are Experian and Equifax.
When you are considering applying for credit, ask for a copy of your credit file first. This will give you an opportunity to confirm that all of your information showing on it is correct and challenge anything that is inaccurate. For example, just a single item of erroneous information - say your file records an existing debt that was paid - could be the difference between getting accepted for a loan or mortgage - or not.
In order to get a copy of your credit record you can contact a credit record agency. You will be required to pay a small fee (somewhere around £2) and they will send you a copy for your perusal.
Check that your credit file includes you on the electoral roll - if not, this will have an adverse consequence for your score. Also, financial 'associations' - where perhaps a person who lives with you or has lived at your address previously has a low credit rating - will affect the probability of getting credit.
If you notice anything that is wrong on your credit file, report it, in writing, to the organisation who has presented incorrect data about you, and send out a copy to the credit record agency as well.
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