Get A Bad Credit Loan Using A Guarantor
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When you make an application for any sort of credit, whether it is a credit or store card, a loan or a mortgage, for instance, you will be subjected to a credit check by the loan provider from whom you are requesting credit.
A credit check is a method that allows a loan company to examine your past and current financial history, which includes whether you service your debts on time, make overdue payments, or have missed payments. A credit check also includes additional outstanding amounts and any County Court Judgements (CCJ's) and additional defaults.
This then offers the company a profile of what level of financial risk you will be should they decide to offer you a loan - and the probability of getting the loan money back! In the end, no company desires to lend money to someone who pays it back late or doesn't pay at all! This checking process is known as credit scoring.
There is a number of bodies who keep this data concerning you - the major ones are Experian and Equifax.
Should you be making a decision about applying for credit, get a copy of the credit report first. This will allow you to determine if all the information on it is accurate and point out anything that is inaccurate. For example, even only a little bit of distorted information - say your file indicates an unsettled debt that was covered - could sway the decision for being approved for credit - or not.
To get hold of your credit file you can approach a credit reference agency. It will cost you a small amount (about £2) and they will send you a copy for your perusal.
Confirm that your credit file includes you on the electoral roll - if this is not the case, this will have a damaging effect on your credit rating. Also, financial 'associations' - where possibly someone else who is living with you or who lived at your address before has an unacceptable credit score - will have an influence on your capacity to get credit.
If you notice data that is wrong on your credit record, make contact, in writing, with the organisation who has listed incorrect information about you, and send a copy to the credit record agency too.
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