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Refused Credit? Refused a Loan?

There are numerous reasons why a lender may have refused to give you credit. There are also steps you can take to remedy this situation.

Always check your credit report

You may have had too many outstanding debts already to pass their standard credit scoring check. What is more, there might be incorrect personal information on your credit report.

In the event that you are denied credit, the lender should tell you the primary reason why. This decision may have been based on a credit score, or have to do with their own specific policy. In the case of the former, the lender should give you the name and address of the credit reference agency they used, at which point you should request a copy of your credit file.

Things to remember

If your name is not on the Electoral Roll, you should contact your Local Authority and ask that they add it. This absence can have an adverse effect on your credit rating.

If you have paid a CCJ, make sure it is listed as satisfied on your credit report. If it is not, obtain a certificate of satisfaction from your county court. The credit reference agency will then be automatically informed of the change.

If a bankruptcy order has been annulled or discharged and this is not shown on your credit report, send a copy of the Order of Discharge or Annulment to all Credit Reference Agencies and ask for them to update the report.

How we can help

Betterway has years of experience of helping people get loans who have been denied elsewhere. Contact us today for your free consultation. Trust us – we are on your side.