Are Secured Debt Consolidation Loans History?

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Loans secured for the purpose of consolidating loans have, since the onset of the credit crunch, become increasingly difficult to source. With the banks losing billions due to poor lending decisions over the last decade, it is hardly surprising that they have now tightened up on their lending criterion.For consumers, this has resulted in the boxes which must be ticked to be successful with a loan application being much more numerous. Where in the past it was relatively easy to secure finance, now it is far from easy and unless you are lucky enough to have a perfect credit score any loan application at the very least is going to have an increased interest rate attached to the quote; if you are successful at all!The key to successfully sourcing secured debt consolidation loans is your credit file and the accuracy of the data recorded within it. If your file contains inaccurate information it is crucial that you address this by first getting a copy of your credit file and going through it to decide if it contains the correct information. Getting a copy of your report is relatively easy in the UK and there are three credit reference agencies that you will need to contact to get a copy of your report; a search on the internet will find the credit reference agencies. Once your sure your credit file is accurate you must now determine whether your circumstances and your credit score will allow you to be successful when sourcing a secured debt consolidation loans package. There is little point in investing you time in trying to find a loan if you have defaults or county court judgements on your credit file. All that is likely to happen is that you fall into the trap of applying for a loan, get rejected so you apply for another loan and get rejected and so the cycle repeats while the negative effect on your credit score is monumental and would take months to correct. If on the other hand the research into your credit report leads you to believe together with your credit score that you are in a position to get a secured debt consolidation loans package, now is the time to find the best deal available. This is where you may fall down if all you do is search the web for loans. The money market in the UK is now at a crossroads and soon finance will once again be available to those with collateral on which to secure finance.