Reasons for Failing a Credit Check
There is a host of reasons why you might be rejected for a loan or credit.
The lender does not like your credit report, there may be a lot of loans registered to your name and the lender would be concerned that you would have trouble repaying another one.
Each lender has a profile that they use to assess applicants, you may not fit their criteria. For example in order to agree to a loan they may want to see that you only have two credit cards.
Your credit report gives a credit score and many lenders will base their decision on this score, your score may not be high enough.
Your credit report could show that there are applications and accounts that you knew nothing about and you may have been the victim of identity fraud.
To get an idea of how lenders may regard your application you can become a member of CreditExpert and order your Experian Credit Score for just £5.95. It is based only on the information in your Experian credit report, so it will not be the same as the one generated by a lender, but it will give you a good idea of what they may think. Click here for more information
