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- Credit Reference Agencies - |
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Every time you sign a form saying you want to take out a loan, get a credit card or buy something on credit, the lender or seller will contact a credit reference agency to get an assessment of your financial risk. Contrary to popular belief, they do not "pass" or "fail" you, they merely feed your personal assessment to the lenders, and it is up to them whether or not they grant you the credit. Your rating is based on your credit history, the presence of CCJs, arrears, whether you are on the electoral roll and other debts. These agencies are not only useful in flagging up bad debtors, they can also be the key to cheap loans for safe customers.
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Use our layman jargon buster to decipher other key industry terminology.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
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| Think carefully before securing other debts against your home. Your home may be reposessed if you do not keep up repayments on your mortgage or any other debt secured on it. Loans secured on your home. |
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Licensed credit broker authorised by the Office of Fair Trading. Registered members of CFB, FISA, FSA, Data Protection Act 1984 |
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| Processing by LL Processing (UK) LTD, Intec 4, Wade Road, Basingstoke RG24 8NE |
© 2007 LoanLine - Credit Reference Agencies |
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