Loans are requirement of most of the people these days and that includes people with bad credit history as well. People with bad credit history include people like:
CCJs
IVAs
Defaults
Arrears
People who have previously filled for bankruptcy and
Late payments
These are the profiles which bring about the tag of a bad credit history. Bad credit history is estimated on the basis of a credit score that is given to every individual in UK who has previously taken loans. Credit score is an estimate of the financial credit worthiness of an individual. A score of below 600 is the one which puts the tag of a bad credit. However there are other scores such as FICO scores the range of which is 300 to 850 and a score of below 700 is considered bad.
For people with bad credit histories who do not know their credit scores can get it calculated by any of the credit rating organizations of UK. The main ones are Transunion, Experian and Experian.
Previously it was tough to get loans for people with bad credit history but now days there are so many lenders that getting a loan is no longer a difficult thing for people with bad credit...
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