Credit Agency FAQ
These are some of the more common questions asked about
credit reference agency files and credit reference agencies.
What does Credit Reference Agency do?
We are a web site which partners with other credit reference agency services to provide
access to corporate and consumer credit information services.
Who holds my credit files?
Your credit files are held by credit reference agencies. These agencies hold files on most
adults and they accept information from lenders, known as shared user data. By sharing
data with credit agencies, lenders help to reduce fraud and reduce credit risk.
What
information does a credit reference agency hold?
A credit reference report will include information that helps to identify you, including
your name and address as shown on the Electoral Roll and any other addresses you are
recorded as having lived at. Your credit history will show credit you have with other
lenders, mortgages, credit card repayments, and how promptly you tend to pay. Adverse
credit records can include any county court judgments as a result of non-payment of
previous debts, and bankruptcy.
Is there a credit 'blacklist'?
No, there is no such thing as a credit 'blacklist'. If you have been refused credit, you
must ask the lender if there is any information which contributed to their decision, and
if they used a credit reference agency the lender must disclose which agency they used.
I've been
refused credit, what should I do?
You can ask the lender for an indication of the reason why, and if the lender used a
credit reference agency to get a credit report on you the lender must tell you which
agency they used. You can check your own credit reference file, and if there is any
information that is factually incorrect, you can have this amended. If you have had credit
problems which are shown on your file, you have the right to enter a short statement which
explains any circumstances you would want lenders to take into consideration when
assessing the adverse information that is recorded.
Does my address or previous
occupants influence my credit rating?
The previous occupant of your property could have been a millionaire or a bankrupt,
neither would make any difference to your credit status or how perceive your credit risk.
All a lender really needs to establish is your ability to pay back credit and whether you
can afford it. If you have recently moved address the lenders will want to check any
previous addresses, normally they go back 3 years, and they want to check that you are
recorded on the Voters Roll at your current and previous addresses, and that you have not
had any poor credit history recorded at previous addresses.
Further answers? For more
questions and answers about credit and credit reports see the Credit Report FAQ website. |
