Getting A Loan With Poor Credit Rating
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When you apply for any sort of credit, whether it's a bank credit card or store card, a loan or a mortgage, for instance, you will undergo a credit check by the loan provider that you are applying to for credit.
A credit check is a way for a loan company to examine your past and present financial history, issues such as whether you take care of your debts on time, are late with payments, or have neglected payments. A credit check also includes additional unsettled debts and any records of County Court Judgements (CCJ's) and other defaults.
This then offers the creditor details of how much risk you present if they decide to offer you a loan - and what chances they have of getting their money back! Of course, no company is keen to give money to someone who doesn't make payments on time or defaults on it entirely! This checking procedure is termed credit rating.
There are some bodies who have this financial information - the two main ones are Experian and Equifax.
Should you be considering taking out any kind of credit, request a copy of your credit file first of all. This will allow you to confirm that all of your information on it is correct and challenge anything that is questionable. For example, even just one bit of mistaken information - say your file notes an existing debt that was covered - could sway the decision for being granted credit - or not.
To get a copy of your file you will need to go through one of the credit reference agencies. You will be charged a small fee (approximately £2) and a copy will be sent to you for your perusal.
Make sure that your file shows you on the electoral roll - if not, this will have a detrimental effect on your credit score. Also, financial 'associations' - where maybe another person who is living with you or has lived at your address previously has a weak credit score - will have an influence on your chances of getting any credit.
If you spot anything that is incorrect on your credit file, get in touch, in writing, with the company who has presented wrong details regarding you, and forward a copy to the credit reference agency as well.
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