Free Bad Credit Gaurnteed Loans
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When you make an application for a loan or credit of any sort, 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 company that you are asking for credit.
A credit check is a way for a loan company to investigate your past and present financial history, including whether you take care of your debts on time, are late in making payments, or have missed payments. A credit check also reveals additional outstanding amounts and any records of County Court Judgements (CCJ's) and additional defaults.
Consequently this gives the company a report of what level of financial risk you will be if they determine to offer you a loan - and what the likelihood is of getting the loan paid back! In the end, no one is willing to lend money to someone who doesn't make payments on time or defaults on it entirely! This checking system is called credit scoring.
There is a number of organisations who compile this data about you - the most widely known are Equifax and Experian.
If you are making a decision about borrowing money, request a copy of the credit report before anything else. This is so that you can confirm that all of your information in it is right and query anything that looks out of place. For example, even only a little bit of mistaken information - maybe your report notes an outstanding debt that has been settled - could significantly impact you being granted a mortgage or loan - or not.
To get hold of your file you have to make contact with one of the credit record agencies. You will be required to pay a small fee (approximately £2) and you will be sent a copy for you to look through.
Verify that your file shows you on the electoral roll - if this is not the case, this will have a detrimental impact on your credit rating. Also, financial 'associations' - where maybe another person who is living with you or who lived at your address before has a poor credit score - will have an impact on your likelihood of getting any credit.
If you see anything that is not correct on your credit record, get in touch, in writing, with the company who has presented incorrect information about you, and deliver a copy to the credit reference agency as well.
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