If you are trying to get credit, it is best to check your Free Experian credit report first.
Your credit report is a record of your financial history and includes details about any money you have borrowed, documents your repayments, as well as information about any financial products you may have applied for, even if you didn't actually go ahead with them. Your credit report also lists any court judgements outstanding against you, and holds details about your current address – information taken from the electoral role.
When you apply for credit – a loan, credit card or mortgage - lenders use the information on your credit report, coupled with the details you have given on your application, to decide:
- If they are prepared to lend you money
- The amount they are prepared to lend you, taking into account how much they think you can afford
- What interest rate to set
If you have been refused credit when applying through a bank, building society or Loan Company, it could be down to the details on your credit report. If you are unsure as to why you have been unsuccessful, it is worth doing a free Experian credit report to find out, because it may be that the details on your report is incorrect or obsolete, in which case, Experian can help you out the details right and help get you the deal you want. If the information on your report is correct, and you are still struggling to get credit, Experian can advise you on how to improve your credit rating.
Find out more about how to get your Free Experian Credit Report - just click on one of the links.