Get A Secured Loan With No Credit Checks
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When you make an application for any credit, whether it's a bank credit card or store card, a mortgage or a loan, for instance, it will be necessary for you to undergo a credit check by the creditor that you are approaching for credit.
A credit check is a tool for a financial organisation to investigate your financial history, past and present, issues such as whether you service your debts on time, are late in making 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 lapses.
This then offers the creditor a picture of what degree of risk you will be if they decide to lend to you - and what chances they have of getting the loan paid back! In the end, there is no one who is willing to give money to someone who won't pay it back on time or doesn't pay at all! This checking system is termed credit scoring.
There are several organisations who compile this financial information - the major ones are Equifax and Experian.
Should you be making a decision about applying for credit, get a copy of your credit file beforehand. This is for you to examine if all the information on it is correct and query anything that is not right. As an example, just a single item of distorted information - say your credit report mentions an existing debt that has been settled - could sway the decision for being granted some kind of credit - or not.
To get a copy of your record you will need to go through a credit record agency. You will be charged a small fee (somewhere around £2) and they will send you a copy for you to look through.
Make sure that your record has you on the electoral roll - if this is not so, this will have a damaging influence on your score. Also, financial 'associations' - where maybe someone who lives with you or lived at your address at one time has an unacceptable credit score - will influence your chances of getting any credit.
If you come across any detail that is wrong on your record, contact, in writing, the company who has listed wrong information about you, and deliver a copy to the credit record agency too.
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