I Have Bad Credit Can I Get A Loan
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When you apply for a loan or credit of any sort, whether it's a bank credit card or store card, a mortgage or a loan, for instance, you will have to go through a credit check by the creditor that you are approaching for credit.
A credit check helps a loan company to see your previous and present financial history, including whether you settle your debts on time, are late in making payments, or have failed to make payments. A credit check also presents any unpaid debts and any County Court Judgements (CCJ's) and additional defaults.
This therefore offers the company a profile of how much risk you present if they decide to offer you a loan - and what the likelihood is of getting the money back! After all, no company wants to offer a loan to someone who pays it back late or not at all! This checking practice is known as credit scoring.
There are a few organisations who keep this data about you - the best known are Experian and Equifax.
In the event you are thinking about taking out credit, ask for a copy of the credit report before anything else. This will enable you to determine if all the data in it is accurate and question anything that is inaccurate. For instance, just a single item of wrong information - say your credit file records an unresolved debt that has been settled - could mean the difference between getting accepted for some kind of credit - or not.
In order to get a copy of your credit record you will need to approach a credit record agency. They will charge you a small fee (around £2) and they will send you a copy for you to look through.
Verify that your record has you on the electoral roll - if this is not so, this will have an adverse influence on your credit rating. Also, financial 'associations' - where perhaps someone else who is living with you or lived at your address at one time has a poor credit score - will have an impact on your capacity to get credit.
If you spot any detail that is not correct on your credit record, get in touch, in writing, with the company who has listed inaccurate data about you, and send out a copy to the credit record agency as well.
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