Payday Loans Bad Credit
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When you make an application for any credit, whether it is a credit card or store card, a mortgage or a loan, for example, it will be necessary for you to undergo a credit check by the loan company that you are applying to for credit.
A credit check helps a loan company to investigate your past and present financial history, which includes whether you settle your debts on time, make overdue payments, or have failed to make payments. A credit check also presents other unsettled debts and also any County Court Judgements (CCJ's) and additional failures.
This then gives the loan provider a report of what kind of financial risk you will be if they decide to give you credit - and the probability of getting the loan money back! After all, no company wishes to lend money to someone who doesn't make payments on time or not at all! This checking practice is termed credit rating.
There are several bodies who keep this information concerning you - the two principle ones are Experian and Equifax.
When you are thinking about taking out credit, ask for a copy of the credit report before anything else. This is so that you can check that all of your information showing on it is accurate and challenge anything that looks wrong. As an example, just a little bit of incorrect information - say your file notes an unsettled debt that was paid - might be the determining factor for being granted credit - or not.
To get a copy of your credit record you have to get in touch with one of the credit record agencies. You will be charged a small amount (somewhere around £2) and a copy will be sent to you for you to look through.
Check that your credit file has you on the electoral roll - if not, this will have an adverse consequence for your credit score. Also, financial 'associations' - where perhaps a person who is living with you or who lived at your address before has a low credit rating - will influence your ability to get credit.
If you find anything that is not correct on your credit record, make contact, in writing, with the company who has presented faulty details regarding you, and forward a copy to the credit reference agency too.
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