How To Get A Loan With Bad Credit
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When you attempt to get any kind of credit, whether it is a credit card or store card, a mortgage or a loan, for instance, you will be subjected to a credit check by the company that you are approaching for credit.
A credit check is a tool for a loan provider to examine your financial history, past and present, issues such as whether you meet your financial obligations on time, are late in making payments, or have not made payments. A credit check also shows additional unsettled debts and any County Court Judgements (CCJ's) and additional defaults.
Consequently this gives the creditor a profile of what type of financial risk you present if they choose to offer you a loan - and the probability of getting the money they've lent you back! Naturally, no one is willing to lend money to someone who doesn't make payments on time or not at all! This checking system is termed credit scoring.
There are some agencies who hold this information about you - the two principle ones are Experian and Equifax.
When you are considering taking out any kind of credit, get a copy of your credit file first. This means that you can examine if all the information within it is accurate and question anything that looks wrong. As an example, just a small piece of erroneous information - say your credit report shows an existing debt that has been dealt with - could sway the decision for being approved for a mortgage or loan - or not.
To get a copy of your file you must approach one of the credit record agencies. You will be charged a small amount (around £2) and a copy will be sent to you for you to look at.
Confirm that your record records you on the electoral roll - if you are not on it, this will have an adverse consequence for your credit score. Also, financial 'associations' - where perhaps another person who is living with you or who lived at your address before has an unacceptable credit rating - will affect your ability to get any credit.
If you find anything that is not correct on your credit record, get in touch, in writing, with the company who has included inaccurate details regarding you, and send out a copy to the credit record agency too.
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