Been Refused Credit?
If you are declined credit and ask why, the lender should tell you the main reason.
It may well be that their decision was based upon a credit score by information held on your credit file, that showed you in a negative light. If the decision was based upon your credit report (credit score) the lender should tell you the name and address of the credit reference agency they used.
Been refused a Credit Card!
Don't despair, you can always apply for a pre-paid credit card (Prepaid Credit Cards). These cards don't require a credit check and can avoid the never ending issue of debt through the excessive use of plastic. Friends and family can equally make a deposit to the cards as a gift should they wish. Read More…
If all you require is a small unsecured loan to tied you over, then there are many unsecured personal loan providers who will try to help you. But remember that the typical interest repayments are higher as well as the repayment period being a lot shorter. Read More…
Always keep an eye on your credit report (credit score)
It makes sense to obtain a copy of your credit report before you make an application for credit. Your credit report will include all of the information that any company you apply for credit with, may use to score or rate your loan application.
VERY IMPORTANT: Do not make multiple applications for credit as each credit check leaves a credit foot print, which depletes your rating. Nor should you make multiple application if you have been declined. Establish why your application was declined before making further applications.
Things to remember:-
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If your name is not registered on the electoral roll, contact your local authority and request that they amend your records. All of the credit reference agencies (Equifax, Experian and Call Credit) will then amend the details once notified by yourself or the relevant local authority.
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If you have settled a county court judgment (CCJ) make sure that you contact the court and obtain a certificate of satisfaction. All credit reference agencies will be notified of the change within approximately four weeks. If you believe a judgment has been incorrectly registered contact the court in question.
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If a bankruptcy order has been discharged or annulled send a copy of the order of discharge or annulment to all of the credit reference agencies and ask for your credit report to be updated.
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If you can pay any outstanding payments (defaults) shown against credit score, contact the lender concerned and also ask that they advise all credit reference agencies of the satisfied payment.
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If a credit score has been paid but has not shown on your credit report contact the company concerned and ask them to make the necessary amendments.
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If companies have searched your credit report more than once in response to only one application, again, ask them to make the necessary amendments.
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If you have been linked to addresses with which you have no connection, contact the companies who created the links and ask for the address link to be deleted and update your records accordingly.
As we covered in the credit reference agencies page of Remortgage Market you can add an explanation or "notice of correction" to the information held. Any future lender who sees the entry to which it relates will also see the notice of correction.
It is valuable to monitor the information held by credit reference agencies and to ensure that it shows what you believe to be an up-to-date and accurate reflection of your credit history.