Individual Consumers

Refused Credit

Refused Credit?

Credit reference agencies provide factual information on consumers from a multitude of sources to help lenders make informed credit decisions. It is a misconception that credit reference agencies decide on whether a lender provides credit. This decision is made by the lender.

Lenders will take into consideration information provided by you at the time of application, data provided by one or more credit reference agencies, together with any account history they hold if you are a former or existing customer.

Lenders can also consider risks differently from each other. You could be accepted by one and refused credit by another. Acceptance criteria can also be based upon the type and value of goods applied for. A cash loan is generally considered a higher risk than financed goods.

Registering on the electoral roll as well as providing accurate and complete personal information to the lender will improve your chances of obtaining credit. It's also highly beneficial that bills and credit agreements are paid on time.

Each time you apply for credit the lender is very likely to perform a credit search with one or more credit reference agencies, which will leave a footprint of the check. Too many credit searches in a short period of time may also have an adverse impact on your credit rating.

You may obtain a copy of your Statutory Credit Report held by Crediva, or you can also check your credit report online with CheckMyFile.