Guaranteed Loans Household Collateral Bad Credit
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When you make an application for any credit, whether it is a credit or store card, a mortgage or a loan, for instance, you will have to go through a credit check by the company that you are approaching for credit.
A credit check is a tool for a lender to look at your past and present financial history, issues such as whether you take care of your debts on time, make overdue payments, or have failed to make payments. A credit check also includes any unresolved debts and also any County Court Judgements (CCJ's) and other defaults.
This therefore offers the lender details of what kind of risk you present if they decide to lend to you - and what chances they have of getting their money back! In the end, no company is willing to give money to someone who pays it back late or doesn't pay at all! This checking process is termed credit scoring.
There is a number of organisations who keep this data concerning you - the most widely known are Experian and Equifax.
If you are in the process of considering applying for credit, ask for a copy of the credit report before anything else. This will give you an opportunity to see if all the data in it is accurate and point out anything that looks out of place. For instance, only a tiny bit of distorted information - say your credit file records an unsettled debt that has been paid - could mean the difference between being granted credit - or not.
To obtain a copy of your record you have to go through one of the credit record agencies. It will cost you a small amount (somewhere around £2) and a copy will be sent to you for you to look through.
Check that your file includes you on the electoral roll - if you are not on it, this will have a damaging consequence for your credit rating. Also, financial 'associations' - where maybe someone who is living with you or previously lived at your address has a poor credit rating - will have an influence on your likelihood of getting any credit.
If you find anything that is not correct on your credit record, make contact, in writing, with the organisation who has given inaccurate data about you, and forward a copy to the credit record agency too.
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