Consider doing a Credit Check if you have been Refused Credit and Don’t know why?

Many people aren’t aware that a simple Credit Check can tell you why you may have been refused a Credit Card or loan. There are many Credit Agencies out there that hold all your Credit History from the time you first took out a loan or applied for a Credit Card. 

The 2 main Credit Agencies in the UK are Equifax and Experian. These companies keep all your records on file and for a small fee will send you a copy of your file. You are entitled to see this report and it can shed some light on past refusals for loans and Credit Card applications. 

Regular Credit Checks are important, as you need to make sure all the details on your file are correct. Credit Companies only hold factual information about people. This is taken from the public records or is provided by lenders. You need to make sure that this information is correct as sometimes this can be wrong. 

Your Credit Report is usually a source for Lending companies. When they make their lending decisions its based on information held by credit reference agencies, additional information you may have provided during your application, and their own internal processes.