Secured Loans With Bad Credit
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When you attempt to get any kind of credit, whether it is a credit or store card, a mortgage or a loan, for instance, it will be necessary for you to undergo a credit check by the loan provider from whom you are requesting credit.
A credit check is a tool for a financial organisation to see your past and current financial history, issues such as whether you service your debts on time, make late payments, or have failed to make payments. A credit check also shows any unresolved debts and any records of County Court Judgements (CCJ's) and additional defaults.
This therefore offers the loan company an idea of how much risk you present if they determine to lend you money - and the probability of getting their money back! After all, no company is willing to offer money to someone who doesn't make payments on time or not at all! This checking process is termed credit rating.
There are a few bodies who store this data about you - the best known are Experian and Equifax.
If you are thinking about taking out a loan, ask for a copy of your credit file before anything else. This is so that you can examine if all the information showing on it is right and query anything that looks out of place. For instance, just a single item of erroneous information - say your report notes an outstanding debt that was covered - could sway the decision for being offered a mortgage or loan - or not.
In order to obtain a copy of your file you will need to get in touch with one of the credit record agencies. You will be required to pay a small fee (approximately £2) and you will be sent a copy for you to look at.
Check that your credit record has you on the electoral roll - if this is not so, this will have a negative effect on your credit score. Also, financial 'associations' - where perhaps someone who lives with you or who lived at your address before has a weak credit score - will influence your capacity to get credit.
If you uncover information that is wrong on your record, make contact, in writing, with the company who has listed incorrect data about you, and send a copy to the credit record agency too.
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