I Want A Loan But Have Ccjs
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When you fill out an application for credit, whether it's a bank credit card or store card, a loan or a mortgage, for example, you will undergo a credit check by the loan company through whom you are seeking credit.
A credit check is a tool for a financial organisation to examine your past and current financial history, issues such as whether you service your debts on time, are late in making payments, or have neglected payments. A credit check also indicates additional unresolved debts and any history of County Court Judgements (CCJ's) and additional defaults.
This then gives the loan provider a picture of what degree of risk you will be should they decide to lend to you - and the probability of getting the loan paid back! Of course, no one desires to lend to someone who won't pay it back on time or not at all! This checking system is referred to as credit rating.
There are some agencies who keep this data about you - the best known are Equifax and Experian.
When you are making a decision about borrowing money, get a copy of your credit file beforehand. This will allow you to determine if all of your information in it is correct and question anything that looks out of place. As an example, just a little bit of distorted information - maybe your report mentions an unresolved debt that has been dealt with - might be the determining factor for being approved for some kind of credit - or not.
In order to get a copy of your record you can approach one of the credit reference agencies. You will be required to pay a small fee (about £2) and you will be sent a copy for you to assess.
Make sure that your file includes you on the electoral roll - if you are not on it, this will have a damaging impact on your credit score. Also, financial 'associations' - where perhaps another person who lives with you or lived at your address at one time has a weak credit rating - will affect your likelihood of getting any credit.
If you spot data that is incorrect on your credit record, make contact, in writing, with the organisation who has presented inaccurate data concerning you, and send out a copy to the credit record agency too.
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