I Want A Loan But Keep Getting Refused
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When you attempt to get any sort of credit, whether it's a bank credit card or store card, a loan or a mortgage, for example, you will have to go through a credit check by the loan provider that you are approaching for credit.
A credit check is a tool for a loan provider to view your previous and present financial history, including whether you settle your financial obligations on time, are late in making payments, or have failed to make payments. A credit check also shows additional outstanding debts and any history of County Court Judgements (CCJ's) and other defaults.
This then offers the lender a profile of what level of risk you present should they decide to lend you money - and the probability of getting the loan paid back! In the end, no lender desires to lend to someone who pays it back late or not at all! This checking practice is called credit scoring.
There is a number of agencies who keep this information concerning you - the best known are Equifax and Experian.
If you are making a decision about applying for credit, get a copy of your credit file beforehand. This is so that you can examine if all of your information on it is accurate and challenge anything that is questionable. As an example, just a little bit of distorted information - say your report indicates an unpaid debt that has been settled - could be the difference between getting approved for a mortgage or loan - or not.
For a copy of your credit record you can contact a credit reference agency. It will cost you a small fee (approximately £2) and a copy will be sent to you for you to look through.
Confirm that your credit file records you on the electoral roll - if you are not on it, this will have a detrimental influence on your score. Also, financial 'associations' - where possibly someone who lives with you or who lived at your address before has a poor credit score - will influence your ability to get credit.
If you uncover anything that is false on your credit file, make contact, in writing, with the company who has listed inaccurate data regarding you, and forward a copy to the credit reference agency too.
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