Morage Loans For Bad Credit No Money Down
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When you make a request 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 be subjected to a credit check by the loan company through whom you are seeking credit.
A credit check allows a lender to evaluate your past and present financial history, which includes whether you settle your debts on time, are late with payments, or have not made payments. A credit check also indicates any outstanding amounts and any history of County Court Judgements (CCJ's) and other defaults.
This then gives the loan provider details of what sort of risk you present if they choose to give you credit - and what chances they have of getting their money back! Naturally, nobody is keen to lend to someone who doesn't make payments on time or defaults on it entirely! This checking process is known as credit scoring.
There is a number of organisations who have this data concerning you - the major ones are Equifax and Experian.
If you are in the process of making a decision about taking out credit, ask for a copy of the credit report first of all. This means that you can examine if all the information on it is correct and point out anything that is not right. For example, even only a little bit of mistaken information - say your file mentions an unresolved debt that was covered - could be the key factor in getting accepted for some kind of credit - or not.
To get a copy of your record you have to contact one of the credit reference agencies. You will be required to pay a small fee (approximately £2) and you will be sent a copy for you to assess.
Check that your file shows you on the electoral roll - if this is not so, this will have a damaging impact on your credit rating. Also, financial 'associations' - where possibly a person who is living with you or previously lived at your address has an unacceptable credit score - will affect the probability of getting credit.
If you come across anything that is not correct on your credit file, inform, in writing, the organisation who has presented incorrect details concerning you, and deliver a copy to the credit record agency too.
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