They may or may not have the ability to pay the money back. There are decent individuals that have every intention of honouring a credit agreement but their lives are too chaotic or their job situation is too erratic for them to keep up with payments.
Then there are individuals who have problems with drink or drugs that want to borrow money and have absolutely no intention of repayment. They are just searching for a way to support their addiction.
When you put a individual in a situation where they know they can prove their personal income but they know they will fail any sort of credit search Calvin De Haan Islanders Jersey , they resort to the internet and searches on Google for no credit search loans.
The reality is while many lenders are willing to lend to individuals with adverse credit history, they will do it only under certain conditions, and usually with very unfavourable terms. Lenders have to do credit checks to verify a person is who they say they are. This is particually true online as no authorised 3rd party will ever see originals of their proofs of ID and proofs of residential address. If you could get a loan and give a completely fictitious date of birth and other individual details Jaroslav Halak Islanders Jersey , it would make it very difficult for the credit agreement to be enforced.
When you apply for car insurance or other finance related product, these parties can do a status check on an person which is a search to their credit file. This is not however recorded as an application for credit.
A financial institution may have a legal obligation to know exactly who you are before they send you money. Some sub prime lenders may do a status check instead of a credit check, but the vast majority of lenders and suppliers of consumer finance do a credit check. As soon as you are asked for your last 3 years address history and your date of birth this is a likely sign that a credit check is being executed.
A company is not allowed to do a credit search on you without your consent. An example of where you can refuse a credit search is when you move into a new home and you call the power company to tell them you are responsible for the bill. If they ask you your date of birth and your past home address Brock Nelson Islanders Jersey , you tell them you do not consent to a credit check as it will knock down your score with other potential lenders. Then they can鈥檛 do a check on you.
You are likely to be declinded for a loan or other credit agreement if you have missed payments, defaults or current County Court Judgements. Defaults and County Court Judgements stay in your credit report for 6 years. If your defaults or judgements are at a previous home address that you lived over 3 years ago it may be possible to qualify for a prime loan.
An example of a credit agreement that is easy to qualify for is a sim only mobile phone contract. The mobile network is only exposed to the cost of the phone calls you make should you default, and since the absolute cost of telephone calls is very insignificant it is worth the risk for them.
I am a freelance writer involved with the consumer credit industry . I studied at University of Wolverhampton in the late 1970s Anders Lee Islanders Jersey , and worked for different major companies during the 80s and 90s in advertising and online publishing. In 2005 I turned freelance.
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