Get A Loan With A Guarantor Loans
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When you make an application for any sort of credit, whether it's a store card or credit card, a loan or a mortgage, for instance, you will be subjected to a credit check by the lender that you are approaching for credit.
A credit check allows a potential creditor to evaluate your previous and present financial history, issues such as whether you service your debts on time, are late in making payments, or have neglected payments. A credit check also shows other unresolved debts and also any County Court Judgements (CCJ's) and additional failures.
This therefore gives the creditor a profile of how much financial risk you present should they decide to lend to you - and what the likelihood is of getting the money they've lent you back! Of course, no lender is keen to offer money to someone who doesn't make payments on time or doesn't pay at all! This checking procedure is termed credit rating.
There are some bodies who hold this information about you - the two main ones are Equifax and Experian.
When you are thinking about borrowing money, obtain a copy of the credit report before anything else. This is for you to see if all the data showing on it is correct and query anything that is inaccurate. For instance, only a tiny bit of mistaken information - say your credit report notes an unsettled debt that has been settled - could mean the difference between being approved for a loan or mortgage - or not.
In order to get a copy of your credit record you can make contact with one of the credit reference agencies. They will charge you a small fee (about £2) and you will be sent a copy for you to assess.
Make sure that your credit file has you on the electoral roll - if not, this will have a harmful impact on your credit score. Also, financial 'associations' - where possibly a person who lives with you or lived at your address at one time has an inadequate credit score - will affect the probability of getting credit.
If you notice information that is false on your record, get in touch, in writing, with the company who has given incorrect information about you, and forward a copy to the credit record agency too.
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