Has anyone noticed how many loan companies now fill up the
commercial breaks? Sofa, after of sofa of happy couples are shown,
with carefully manipulated stereotypes discussing the consolidation
of their finances, recommending a particular provider. Couples, who
have had loan requests knocked back from the standard, high street
or traditional credit lenders, find themselves turning to
alternative finance providers in the hope that they can move their
debt situations forward.
Debt Consolidation And Credit According to the Joseph Rowntree Foundation, there is increasing
concern that UK consumers are assuming unmanageable amounts of
debt, which may become a precarious situation should interest rates
rise or if the relatively stable macroeconomic climate takes a turn
for the worst. Despite these concerns, the Foundation asserts:
: 10 million victims a year in the U.S. % and growing. The FTC reports that one of the most common methods of ID theft involves thieves who %teal your mail, including bank and credit card statements, credit card offers, new checks, and tax information% including through % practice known as %™umpster diving.'% The average victim of mail ID theft spends 30 hours trying to undo the damage to his credit rating, credit card bills, etc. The negative effects can last over a year, sometimes several years, before being fully resolved.
Check Credit Rating "Even a casual observer of the financial scene in the UK will
have been struck by the increased marketing of products - including
mortgages and remortgages, car loans and debt consolidation loans -
specifically to people who have an impaired credit record or who
are finding their existing debt difficult to mange. It might be
predicted that such borrowers would be particularly vulnerable to
unmanageable debt."
Your credit profile is very important in determining whether or not an application for credit is accepted or declined. There are two methods below that can help you and our Guide (at the top of this page) provides a further insight into credit scoring. Understand your credit rating and help improve your ability to get credit with your Equifax Credit Rating.
Improve Credit Rating Lending to people with an impaired credit record is typically
called sub-prime lending, a term more familiar with people in the
US, than the UK. A number of lenders have entered this market who
target their products to a customer market branded sub-prime,
non-conforming or non status. In the US, this market is
significantly more established and a lot of the US companies
operating in this field are now marketing their products in the UK.
The sheer size of the prime and sub-prime lender UK market led it
to be labelled the most 'complete' in the world by the Miles review
in 2004.
Bad credit loan, bad credit mortgage, bad credit rating, poor credit rating, mortgage bad credit, mortgage bad credit rating
Credit Online Rating Report High street 'prime' lenders tend to operate under strict
requirements and guidelines, seeking 'prime' customers based on
criteria such as:
Unused credit cards are putting millions of Brits at greater risk of falling victim to identity theft, according to a specialist credit history firm.
Credit Score Rating Scale * Past evidence of a good repayment record
If you are a victim of identity theft or credit fraud there are some steps you can take to restore and protect your credit. 1. Request a copy of your credit report from all three national credit bureau systems (Equifax, Experian and Trans Union). Victims of credit fraud can obtain a free copy of their credit report directly from the 3 national credit bureaus. Their addresses and phone numbers are listed below.
Bad Card Credit Credit People * Good personal characteristics (stable employment, income
level, registered on electoral register)
Free Credit Rating Report The prime lending system excludes many who wish to borrow and
may be able to repay the loans, but are not awarded the required
credit score. The Joseph Rowntree Foundation reported that more
than 25% of general credit applications and over 30% of mortgage
applications are turned down because the standard criteria cannot
be met, based on research by the Council of Mortgage Lenders in
2002.
Credit Rating Scale The type of credit offered to sub-prime borrowers is called
adverse credit. Adverse credit is available in a variety of forms
including:
Bad Credit Rating * Adverse loans (incorporating debt consolidation loans)
Credit Rating Agency * Adverse mortgages or non-standard mortgages (encompassing
first mortgages for sub-prime borrowers and remortgages for
sub-prime borrowers)
Credit Rating Canada * Adverse credit cards
Bad Credit Mortgage Rating All adverse credit products impose higher rates of interest on
the borrower. Some of these financial products have been set up to
genuinely help consumers that have fallen out of the mainstream
assistance offered by high street banks. Yet there is growing
concern, that if sub-prime borrowers do not do their homework on
the options available to them, they become even more
vulnerable.
Good Credit Rating Websites such as the personal finance research specialist
Moneynet http://www.moneynet.co.uk provide extensive
information on the different adverse credit products available,
including adverse loans, adverse credit cards and non-standard
mortgages. Many sub-prime borrowers who hold adverse credit cards
complain of unduly high APRs, according to the Joseph Rowntree
Foundation. These borrowers also complain that initial discounted
rates are subsequently dropped following a single late repayment.
It is a breach of the Consumer Credit Act to increase the rate of
interest on default of repayments, but some sub-prime lenders get
round this legislation by imposing a discounted rate which simply
reverts to a 'normal' rate on default.
Credit Score Rating Chart The report by the Joseph Rowntree Foundation provides an insight
into the vastly inflated interest rates on some secured debt
consolidation loans and unsecured debt consolidation loans,
including some truly appalling horror stories from people who had
failed to shop around for the best deal and neglected to read the
small print.
Credit Mortgage Rating Poor Resources:
Good Credit Rating Score
Joseph Rowntree Foundation
Poor Credit Rating Loan Moneynet
Bank Credit Rating Credit
Action
Credit Card For Poor Credit Citizens Advice Bureau
Business Credit Rating **********************
Moodys Credit Rating About Rachel:
Credit Card With Bad Credit Rachel writes for the personal finance blog Cashzilla.
Personal Credit Rating http://www.cashzilla.co.uk
Unsecured Loan For Bad Credit Cashzilla is a mighty personalfinanosaurus: a fiery beast with
plenty of opinions on personal finance issues.
Credit Rating Company Rachel is a wee lassie living in Scotland and can make the
following words out of the letters in her name:
Canadian Credit Rating * car * ache * char * leach * reach * arch * hear * real *
Credit Union Rating If you come up with any others, email me at:
Corporate Credit Rating Rachel@positiveinterest.com
Credit Rating Fix Rachel writes for a variety of online publications on a wide
variety of consumer topics.
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