I Need A Loan But No One Accept Me
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When you attempt to get credit, whether it is a credit card or store card, a mortgage or a loan, for example, you will be subjected to a credit check by the company that you are applying to for credit.
A credit check is a means for a loan provider to view your past and current financial history, including whether you service your debts on time, are late in making payments, or have missed payments. A credit check also reveals any unsettled debts and any County Court Judgements (CCJ's) and other lapses.
This therefore gives the loan provider a picture of what degree of financial risk you present should they choose to lend you money - and what the chances are of getting the loan money back! Of course, there is no one who is willing to lend to someone who pays it back late or doesn't pay at all! This checking practice is known as credit rating.
There are several organisations who keep this information concerning you - the best known are Equifax and Experian.
When you are thinking about taking out a loan, request a copy of your credit file first of all. This is so that you can see if all the information included in it is right and point out anything that is questionable. For instance, just a small piece of wrong information - maybe your report notes an existing debt that was covered - could be the key factor in getting accepted for a mortgage or loan - or not.
To obtain a copy of your credit record you will need to make contact with one of the credit reference agencies. You will be charged a small fee (about £2) and a copy will be sent to you for you to assess.
Check that your credit file records you on the electoral roll - if this is not the case, this will have a negative effect on your credit score. Also, financial 'associations' - where perhaps someone who is living with you or has lived at your address previously has an unacceptable credit score - will have an influence on your ability to get any credit.
If you notice anything that is incorrect on your file, contact, in writing, the company who has given inaccurate details regarding you, and forward a copy to the credit reference agency too.
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