Consumer Credit Information....
...this section of the site has been put together to help you, the Consumer, find out more information regarding consumer credit, personal loans and finance, and in the process, help you get the best rate loan available by being more informed about the whole process.
Trying to get a loan can be a difficult process for some people, especially if you are turned down for a loan. What can make it even more frustrating, is that the lender that rejects your loan application is not at liberty to tell you why you have been refused credit. As such if they do not tell you why you cannot go about resovling the issue that is causing you problems.
What to do if you have been refused credit
If you have been refused credit, you need to do to try and establish why. Different lenders adopt different approaches as to how they calculate risk and whether you would be a safe bet to lend money to. Some base their decision on your 'Credit Score' which is an indepth analysis made up of some or all of the your current credit situation, your past credit history, your employment history and your residential history. Others may use different forms of risk assesment.
The first thing that you need to do is obtain your 'Credit Report'. There are three main Credit Reference Agencies, Equifax PLC, Experian and Callcredit PLC. (See Why You Need Your Credit Report to find out how to contact these agencies)
Once you have your credit files, you need to thoroughly check them for any glaring mistakes and then check that all your personal details are correct. It is also important to make sure that you are on the local electoral role even if you have no intention of voting. This one piece of information can be vital in obtaining credit, and is often overlooked. The lenders like to see that you are on the electoral register as this is another way of verifying your address, for this reason you should make sure that you update your address with them anytime you change it.
If you do spot any mistakes on your credit file such as incorrect personal information or erroneous defaults, or in fact any error of any kind that can have an impact on your pcredit profile. You need to contact the agencies as soon as possible, and insist that they remove or correct them. How to do this will be explained when you receive your credit report.
Once you are happy that all your personal details and previous payment history is correct on your credit file, you are then in a position to reapply for a loan. If do have a few misdemeanours on your credit file, it is of little use going to a high street lender expecting the lowest headline rate available. Rate reflects risk. Your best bet is to apply to a loans broker who will work on your behalf to obtain you the best rate loan available. A broker has access to all the main Lenders in the UK, and like an insurance broker, will take your details and choose the best loan provider to suit your needs.
Inter-Financial.co.uk is a well respected broker that can do this for you. We will work for you in sourcing the best rate loan available to suit your circumstances and your requirements, whatever they may be.
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Why You Need Your Credit Report |
Credit Report Myths & Legends |
Repairing A Poor Credit History |
What Is The APR & How Is It Calculated
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER DEBT SECURED ON IT
Typical 17.9% APR Variable