5.5 - Borrowing and Financial Footprints Flashcards
Three large credit reference agencies in the UK:
- Experian
- Equifax
- Call credit
Do credit reference agencies make the decision on whether or not customers should be granted a loan?
No, they supply information to lenders on request
What happens when a person applies for a borrowing product?
The lender will search the credit file, and this will leave an electronic footprint in the person’s credit history
What happens if someone applies for an unusually large number of loans?
A note is put on their record
If someone is refused credit and thinks that it is unfair what can they do?
Check their credit history online at the credit reference agency websites or by writing to the agency and asking to see their file
How are poor credit histories improved?
By consumers repaying loans on time and in full
