Did you know that over 25% of people eligible for credit in the UK have a bad credit rating? It sounds shocking, but it's absolutely true! Unfortunately, many people don't realise that's the case simply because they're never actually told - in fact, most don't find out until they apply for credit and then get rejected, at which point it's usually too late.
This is because credit histories, whether they contain a good or bad credit rating, aren't immediately accessible to the average person. Instead, they're kept by a select number of credit reference agencies (mainly the three large ones: Experian, CallCredit and Equifax) who act as a point of contact for lenders, loan providers and other sources of credit. Most times when you attempt to take out any form of credit, your credit history - which is a mixture of information about your buying habits, ability to handle your finances, your past credit agreements and more - is checked to see what your credit score is. That score is decided upon depending on what kind of information is in your credit history - good credit ratings go to those who stay on an even keel financially, while bad credit ratings are held for people who miss repayments on credit, have County Court Judgements (CCJs) or default on credit agreements.
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While it might sound like your credit history is off-limits though, the truth is that you have full access to it whenever you like. Better still, it only costs £2 to get your credit history (whether you have a bad credit rating or not) and can be applied for online through Experian, CallCredit or Equifax. Bear in mind, however, that each agency will have slightly different reports, so it's worth getting your credit history from all three if you can to check if any of them are the cause of your problems. Once you have your report, check it thoroughly for things that might be wrong; if it turns out to be an error, you can request for a correction and possibly fix your rating.
Of course, even if you've been given a bad credit rating, that doesn't mean you can't get credit - each lender and loan provider scores you differently, so a rejection from one place doesn't necessarily mean everyone else will reject you. You just have to shop around a bit and potentially brace yourself for having to pay a higher interest rate than normal on any money you borrow.
In Summary
A bad credit rating...
Doesn't make getting credit or loans impossible, but it doesn't help! Will be earned by not repaying loans or regularly applying for loans without success Can be fixed by checking your credit history report for errors Is repairable by handling your finances responsibly or getting a Bad Credit Loan Is avoidable by paying your bills and other debts regularly and on time
Copyright: Individual Finance, 2010
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