Consolidation Loans For People With Poor Credit
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When you make an application for any credit, whether it's a bank credit card or store card, a loan or a mortgage, for instance, you will undergo a credit check by the loan company that you are asking for credit.
A credit check is a way for a lender to investigate your previous and present financial history, which includes whether you take care of your debts on time, make late payments, or have missed payments. A credit check also indicates additional unpaid debts and any County Court Judgements (CCJ's) and additional defaults.
This offers the creditor an idea of what kind of financial risk you present if they decide to give you a loan - and the probability of getting the loan money back! Of course, nobody wishes to offer a loan to someone who pays it back late or defaults on it entirely! This checking process is called credit rating.
There are some agencies who hold this information concerning you - the two main ones are Experian and Equifax.
When you are considering taking out credit, get hold of a copy of the credit report before anything else. This is so that you can see if all the data showing on it is correct and point out anything that looks wrong. For instance, even only a little bit of erroneous information - say your file indicates an outstanding debt that has been dealt with - could sway the decision for getting accepted for a mortgage or loan - or not.
To obtain a copy of your record you will need to approach one of the credit reference agencies. You will be required to pay a small amount (about £2) and you will be sent a copy for you to look at.
Ensure that your record records you on the electoral roll - if this is not the case, this will have a detrimental influence on your credit score. Also, financial 'associations' - where possibly someone else who lives with you or has lived at your address previously has a weak credit score - will have an impact on your chances of getting credit.
If you come across information that is not correct on your file, report it, in writing, to the organisation who has given wrong details about you, and forward a copy to the credit reference agency too.
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