Credit rating is used by companies to assess the risk involved in lending someone money. When borrowing money there will always be some form of application to complete. Lenders use the information you complete on the form, together with your credit record, to decide whether they will lend you money.
Lenders obtain your credit record from credit reference agencies. The three main agencies are Experian, Equifax and Callcredit. These agencies hold information on most consumers. They get their information from:
- Public records – electoral register, bankruptcy orders, county court judgements, repossessions
- Other lenders – details of any credit applications.
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Resources for Unsecured Loans
Resources for Credit Report Agencies
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