Bad Credit Loan Lender Loans For People With Really Bad Credit History
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When you make an application for credit, whether it is a credit card or store card, a loan or a mortgage, for instance, you will be subjected to a credit check by the loan provider through whom you are seeking credit.
A credit check is a way for a lender to see your previous and present financial history, which includes whether you service your debts on time, make late payments, or have missed payments. A credit check also shows any unsettled debts and any County Court Judgements (CCJ's) and additional failures.
This gives the lender a profile of what degree of financial risk you present should they decide to lend to you - and what chances they have of getting the loan paid back! Of course, there is no one who wants to lend to someone who won't pay it back on time or defaults on it entirely! This checking practice is referred to as credit scoring.
There is a number of agencies who have this information about you - the two principle ones are Experian and Equifax.
When you are making a decision about borrowing money, get hold of a copy of the credit report first of all. This is for you to see if all the information showing on it is correct and question anything that looks wrong. For instance, just a small piece of wrong information - say your file mentions an unresolved debt that has been paid - could be the difference between being granted a loan or mortgage - or not.
For a copy of your credit file you will need to get in touch with one of the credit record agencies. It will cost you a small amount (about £2) and a copy will be sent to you for your perusal.
Make sure that your record shows you on the electoral roll - if this is not the case, this will have a negative influence on your credit score. Also, financial 'associations' - where perhaps someone else who is living with you or has lived at your address previously has a poor credit rating - will influence your chances of getting any credit.
If you find anything that is false on your credit record, report it, in writing, to the company who has given incorrect information concerning you, and send a copy to the credit reference agency too.
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