Loan Check Unsecured Loans For Bad Credit Rating In The UK
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When you make a request for any credit, whether it's a store card or credit card, a loan or a mortgage, for instance, you will have to go through a credit check by the loan company that you are applying to for credit.
A credit check is a method that allows a loan provider to evaluate your financial history, past and present, issues such as whether you settle your financial obligations on time, make overdue payments, or have failed to make payments. A credit check also reveals any unpaid debts and any history of County Court Judgements (CCJ's) and additional defaults.
This therefore gives the lender a report of what type of financial risk you will be should they choose to offer you a loan - and what the likelihood is of getting the money back! After all, nobody desires to offer money to someone who doesn't make payments on time or doesn't pay at all! This checking practice is referred to as credit rating.
There is a number of organisations who store this financial information - the most widely known are Experian and Equifax.
Should you be thinking about borrowing money, request a copy of your credit file beforehand. This means that you can see if all the data in it is correct and challenge anything that looks wrong. For example, just a small piece of erroneous information - say your file notes an unresolved debt that has been settled - could be the key factor in being approved for a mortgage or loan - or not.
To get a copy of your credit record you must contact a credit reference agency. You will be required to pay a small amount (somewhere around £2) and a copy will be sent to you for you to look at.
Make sure that your credit record includes you on the electoral roll - if this is not so, this will have a detrimental effect on your credit rating. Also, financial 'associations' - where perhaps someone who is living with you or lived at your address at one time has a low credit rating - will have an influence on your ability to get any credit.
If you uncover data that is not correct on your file, report it, in writing, to the company who has listed inaccurate information regarding you, and send out a copy to the credit record agency too.
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