Applying for Credit

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Before applying for credit, lenders will want to make sure that you are likely to pay them back. They will ask a credit reference agency to check on you before they decide whether to give you credit or not.

Did you know:

  • credit reference agencies have information on almost all the names and addresses in the countrypound;
  • you have the right to know which credit agency a lender has approached (provided you ask within certain time limits)pound;
  • you can ask a credit agency for details of the information it holds about you at any time and you can correct any mistakespound;

The lender will ask you to complete a credit application form and then you will be given a credit score based on your answers. If the lender thinks you score highly enough to be a good risk, you will be given the loan or credit.

If you do not score highly enough, your application will be turned down.

You will be given points for your age, income and whether you own your own home. Information about you held by the credit reference agency might affect your score.

For example, they might have a record of any unpaid debts. It is the lender, not the agency, who makes the decision about giving you credit. You might pass with one lender but not with another.


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