I Have Bad Credit And I Need A Loan
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When you make an application for a loan or credit of any sort, whether it is a credit or store card, a loan or a mortgage, for instance, you will have to go through a credit check by the lender that you are approaching for credit.
A credit check is a means for a financial organisation to examine your financial history, past and present, including whether you settle your financial obligations on time, make overdue payments, or have missed payments. A credit check also indicates other outstanding debts and any records of County Court Judgements (CCJ's) and other defaults.
This therefore gives the lender an idea of what degree of risk you will be if they determine to give you credit - and what the chances are of getting their money back! Of course, no lender is keen to lend money to someone who pays it back late or not at all! This checking system is known as credit scoring.
There are some organisations who compile this information about you - the major ones are Equifax and Experian.
If you are in the process of considering taking out a loan, request a copy of your credit file first of all. This is so that you can see if all the data in it is accurate and question anything that is questionable. For instance, just a single item of distorted information - maybe your file notes an unresolved debt that was covered - could be the key factor in getting approved for a mortgage or loan - or not.
In order to obtain a copy of your credit record you must make contact with a credit reference agency. They will charge you a small amount (around £2) and they will send you a copy for you to look through.
Ensure that your record includes you on the electoral roll - if you are not there, this will have an adverse influence on your credit rating. Also, financial 'associations' - where perhaps a person who lives with you or lived at your address at one time has an unacceptable credit rating - will influence the probability of getting any credit.
If you uncover anything that is wrong on your file, get in touch, in writing, with the organisation who has presented inaccurate data regarding you, and send out a copy to the credit record agency too.
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