Direct Loans Companies Bad Credit
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When you apply for any kind of credit, whether it is a credit or store card, a loan or a mortgage, for instance, you will undergo a credit check by the loan provider that you are approaching for credit.
A credit check helps a loan company to view your financial history, past and present, including whether you take care of your debts on time, are late with payments, or have not made payments. A credit check also shows any outstanding amounts and also any County Court Judgements (CCJ's) and additional defaults.
This then offers the creditor details of what level of risk you will be if they decide to offer you a loan - and the probability of getting their money back! Of course, nobody wishes to lend to someone who pays it back late or defaults on it entirely! This checking process is referred to as credit scoring.
There are several bodies who compile this data about you - the best known are Experian and Equifax.
If you are in the process of making a decision about taking out credit, request a copy of the credit report first of all. This is so that you can see if all the information on it is accurate and point out anything that is questionable. For example, just a single item of mistaken information - say your report indicates an existing debt that has been paid - could sway the decision for being granted a mortgage or loan - or not.
For a copy of your file you have to contact one of the credit reference agencies. They will charge you a small fee (around £2) and a copy will be sent to you for you to assess.
Confirm that your record shows you on the electoral roll - if this is not the case, this will have a damaging influence on your credit score. Also, financial 'associations' - where possibly someone else who is living with you or who lived at your address before has a poor credit score - will influence your ability to get credit.
If you find data that is wrong on your credit record, make contact, in writing, with the organisation who has put down incorrect data regarding you, and send a copy to the credit reference agency too.
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