Credit Blacklists?

If you think you’re on a credit blacklist then you can now breathe a big sigh of relief. You are definitely not on a black list! How do we know? Because there is no such thing as a credit blacklist.

Nearly every lender will seek a reference from a credit bureau to help assess applications for loans, credit cards, mortgages and even mobile phones. Credit bureaux or credit reference agencies only display factual information about people, most of which is provided by lenders.

For lenders to see this information about people from credit reference agencies, they must also contribute information about every account they hold and also on every application they process.

Every month lenders notify the credit reference agency of the balance and the level of arrears on all accounts. Even accounts that have been defaulted are up dated so other lenders can see if the customer is reducing the balance.

In addition credit reference agencies obtain information on; all county court judgements (CCJ‘s), both registered and the date when these are satisfied, all bankruptcies, all individual voluntary arrangements (IVA’s) and electoral roll details.

Credit Reference Agencies do not offer opinions about individual’s creditworthiness (that is, whether you are likely to repay credit). Companies make their own lending decisions, and each lender has a different acceptance criteria. Companies offering the best interest rates will only accept the best quality customers, while those companies willing to accept a broader range of customers will have higher rates. However, customers with a ‘tarnished’ credit history may still be able to obtain loans with good interest rates on a secured basis.

Always check your credit report!
You should always obtain a copy of your credit report either before you make an application or if you are declined credit. You have the right to see the same information lenders see when they get a reference about you from a credit bureaux. Your credit report will include all the information that any company you apply to may see. This should help you to establish why your application to them was declined. The report will be factual it will not state the reason you have been declined because only the company you applied to will know this.

See Your credit report now!