Why have I been turned down for credit?

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  • Why have I been turned down for credit?

    If you have been turned down for credit, you can ask the lender why they have made their decision. Different lenders use different credit scoring systems and policy rules, so if one lender turns you down, it doesn't mean they all will. We can show you the information we hold (this is what lenders access when running a search on you) but only the lender can give you a definite reason for declining you.

  • How do lenders make their decisions on whether or not to give you credit?

    Lenders may use a combination of the following to help them make their decision:

    • Information supplied by you when you applied
    • Data supplied by a credit reference agency like Callcredit. This data allows lenders to check if you're on the electoral roll at your current address, if you've paid your credit commitments on time and if you have insolvencies or County Court Judgments .
    • Information about any existing accounts you already have with the lender
    • Their own policies and rules
  • Will my credit report show that I have been turned down for credit?

    No. If a company makes a search a record will be shown on your credit report, but it will not show whether your application was accepted or rejected.

  • Could I be turned down for credit because of a previous occupant at my address?

    When someone leaves a property, their financial details stay attached to them, rather than the address. Someone else can affect your chances of getting credit, but only if you have a financial association like a joint bank account or a joint mortgage. Not because you lived at the same address.

  • How can I improve my chances of getting accepted for credit?

    There are some simple things you can do to improve your credit report:

    • Pay your bills and credit agreements on time.  Lenders are looking for evidence that you're able to repay existing credit on time. If you did forget a payment one month you can use a Notice of Correction. These are notes your can add to your credit report to explain why you were late with a particular payment.
    • Provide accurate, truthful and complete information on your application form. If you leave anything out or don't give the true picture, it could affect your ability to get credit in the future.  
    • Check your credit report regularly so you can close any accounts of financial products you are not using and check you are registered on the electoral roll at your current address.
  • Do you have a blacklist?

    No. Credit reference agencies don't hold blacklists relating to people or properties. We only provide lenders with factual information about individuals at the addresses they have lived at.

  • What if there's incorrect information on my credit report?

    If you think your credit report contains inaccurate information, you should contact the lender first. If they agree that the information is inaccurate, they can make the necessary amendment or ask us to update your file.

    Bear in mind that balances are updated every 4-6 weeks. So if the balance shown doesn't reflect the actual balance, there's no need to contact the lender unless you believe the balance is more than 4-6 weeks out of date.

    If you prefer you can contact us about any inaccuracies.  We will pass this on to the relevant lender on your behalf and respond to you within 28 days.  If you have a Noddle credit report you can dispute the information directly from your credit report by selecting the icon next to the particular record which you believe is incorrect.

    If you have a £2 statutory report and wish to dispute any information please write to us within 6 months of accessing your credit report, quoting your credit file reference number and an explanation of why you believe the information is incorrect. Enclose any supporting evidence (such as letters or statements from the lender involved). Send your letter to Customer Care, Consumer Services, PO Box 734, LEEDS, LS1 9GX.

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