What is bad credit and how does it affect me?
Even if you are unaware of it; the chances are that your credit history is already logged with a Credit Reference Agency. Many factors go into calculating your credit score, including: how much you borrow, how you spread your debts (credit cards, hire purchase, mail order etc) and how regularly you meet repayments. Banks and other lending institutions use your credit score to calculate how much of a borrowing risk you will be. The lower the credit rating, the greater the risk you are considered to be. Lenders typically offset risk by charging higher interest rates. You’ve probably seen companies offering to repair your credit profile. In reality there’s little that they can do that you can’t. And you’ll have to pay. Instead visit www.experian.co.uk or telephone 0870 241 6212 and you can order a copy of your credit history for just 2.00. Check that all details are correct and fully up-to-date. Can I get a secured loan with bad credit? You’ve received your credit report, and the news is
