Secured Loans No Valuation Needed
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When you attempt to get any credit, whether it is a credit or store card, a loan or a mortgage, for example, you will be subjected to a credit check by the creditor that you are approaching for credit.
A credit check helps a loan provider to look at your financial history, past and present, including whether you pay off your debts on time, make late payments, or have neglected payments. A credit check also includes any outstanding amounts and also any County Court Judgements (CCJ's) and additional defaults.
This gives the lender a picture of what sort of risk you present should they choose to offer you a loan - and the probability of getting their money back! Of course, there is no one who wants to offer money to someone who won't pay it back on time or doesn't pay at all! This checking process is termed credit scoring.
There are a few agencies who store this financial information - the most widely known are Equifax and Experian.
When you are thinking about taking out any kind of credit, obtain a copy of your credit file before anything else. This is for you to determine if all the data in it is correct and query anything that is questionable. For example, only a tiny bit of mistaken information - say your credit report notes an outstanding debt that has been dealt with - could sway the decision for being offered some kind of credit - or not.
To get a copy of your credit file you will need to go through a credit reference agency. They will charge you a small amount (approximately £2) and you will be sent a copy for your perusal.
Check that your record has you on the electoral roll - if you are not there, this will have a detrimental impact on your credit rating. Also, financial 'associations' - where possibly someone else who lives with you or previously lived at your address has an inadequate credit score - will affect your likelihood of getting any credit.
If you find anything that is wrong on your credit file, inform, in writing, the company who has put down incorrect data regarding you, and send a copy to the credit record agency as well.
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