The first thing you need to do if you have had credit problems in the past, or are currently experiencing difficulties is to obtain a copy of your up to date credit file. This will detail all the credit accounts you have open and have held previously. It will show you which accounts have fallen into arrears and which payments were missed. It will also list any CCJs and other derogatory information against your name. There are a handful of credit reference agencies in the UK that you can obtain your credit file from and the most common are Equifax and Experian.
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When checking your suitability for a loan every lender will search your credit history to assess your credit worthiness. This will determine whether they offer you a loan or not, and at which rate they will lend the money to you.
Beware, there are lenders out there that market purely to people with credit difficulties and try to sell them loans at extortionate rates. DO NOT use companies that promise "same day loans" or "no credit checks required." More often than not you will be given a rate that is much higher than you can really get by simply looking around. These companies are out there to take advantage of those that think they have no other alternatives because they have bad credit, and that is completely incorrect.
If you have bad credit there are companies out there than can help you get back on track with a bad credit loan. The best way to approach it is to be upfront with a lender about your circumstances, giving them as much detail as possible from your credit file, so that they can tell you whether they would consider your circumstances before performing any credit searches against your name.
Secured bad credit loans are usually the most competitive and flexible loans, and should be explored if you are looking to raise money and have had credit problems in the past. By using the equity in your home as security the lender has less risk as they can repossess your home to recover the loan should you fall behind with your payments. Having this security also means they can offer more attractive rates, which could me you save money on more expensive debts you may have, freeing up much needed disposable income.
If you have poor credit and are wishing to raise funds for any purpose, always speak to secured loan broker, preferably one who is fully regulated by the Financial Services Authority and is registered with FISA (Financial Industry Standards Association.) This way you know will get access to the most competitive rates available for your circumstances and sound advice by experienced and reputable advisers too.
CopyRight 2008. Gary Taylor - Rate Hunter Limited
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