Bad Credit No Credit Check Loans
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When you make a request for credit, whether it's a bank credit card or store card, a mortgage or a loan, for example, you will undergo a credit check by the loan provider through whom you are seeking credit.
A credit check is a tool for a lender to look at your past and current financial history, including whether you settle your financial obligations on time, are late in making payments, or have neglected payments. A credit check also indicates additional unsettled debts and any County Court Judgements (CCJ's) and other lapses.
Consequently this gives the creditor a report of what level of financial risk you present if they determine to lend you money - and the probability of getting their money back! In the end, no lender wants to give money to someone who pays it back late or not at all! This checking system is known as credit rating.
There are several agencies who keep this data about you - the best known are Equifax and Experian.
If you are considering applying for credit, obtain a copy of your credit file first. This means that you can examine if all the data in it is correct and challenge anything that looks wrong. For instance, just a little bit of distorted information - say your report records an unsettled debt that has been settled - might be the determining factor for getting accepted for a mortgage or loan - or not.
For a copy of your file you can go through one of the credit reference agencies. It will cost you a small fee (around £2) and you will be sent a copy for you to look at.
Check that your credit file records you on the electoral roll - if you are not there, this will have a detrimental influence on your credit score. Also, financial 'associations' - where possibly another person who lives with you or previously lived at your address has an inadequate credit rating - will have an influence on your ability to get credit.
If you come across anything that is incorrect on your file, get in touch, in writing, with the organisation who has listed faulty details concerning you, and send a copy to the credit record agency as well.
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