Bad Records

FACT:
Thousands of people have bad credit records without even realising it. And many of these records may be wrong. Every loan or credit agreement we take out is detailed on our personal credit files, as are our repayment records. If you are late making your repayments or miss some altogether then that’s recorded as well. And the records go back years.



So even if you think your current situation is OK you might still have some negative factors hiding away in the background. New lenders will see these when they assess you for any new borrowings – from store cards and personal loans to mortgages. Too many negative factors and your application can be refused – which will also be recorded on your file and may in itself trigger other refusals. Experts say these kinds of vicious circles are common and can make credit increasingly hard to obtain. What’s worse is the fact that you can be turned down for credit and enter the vicious circle even if false details are on your file.