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Credit Rating, What do you know about it? Sponsored Links Credit Rating, What do you know about it? There could be so much confusion when it comes to the terms such as credit rating, credit history or credit status. By victor bassey Category: 0 Submit your Articles Here! There could be so much confusion when it comes to the terms such as credit rating, credit history or credit status. The goal of this article is to give you more insight into the meaning of all these terminologies and how they affect you as a prospective borrower. Let’s start with the question of what is credit rating or credit scoring? This is an independent or individual statistical evaluation of one’s ability to repay a loan or debt based on your previous borrowing and repayment history. Two things to note here: firstly, the word independent or individual, which means that one’s assessment of credit worthiness, varies from one lender to another, so basically each company has its own criteria to decide whether it will lend you money or not and how much risk they are willing to take. The other thing to note is “Previous borrowing and repayment history”, this is what is termed your Credit history – it is part of the information held about you by Credit Reference Agencies detailing how good or bad you have handled credit in the past. Who are Credit Reference Agencies? These are commercial companies which collect information or data from a number of sources such as the electoral roll, county court judgements and other financial institutions. This information is sold to lenders which help them in their evaluation of your credit worthiness or how much they are willing to lend you, if at all they will. There are three credit reference agencies in the United Kingdom, these are: Equifax, Experian and Call Credit. What information do credit agencies hold about me? Some of the information which credit reference agencies hold about an individual includes: • Name and Date of Birth • The Electoral Register • County Court Judgements • Credit Payment History • Bankruptcy & Administration orders • House repossession... e.t.c The most important of this data is your credit/repayment history which states your credit accounts, the account opening date, loan amount and how often you make payments. The information about your credit account is held in your record for about six year after the account has been settled. It will also be good to make mention of some information the credit agencies don’t know about you such as: Criminal records, Fines, Savings Account, information about family members, Student Loans e.t.c. So, What is My credit Rating? That is the question most people will love to find a straight answer to, thinking probably that there is a list somewhere showing people’s name and their credit ratings, really there is no such list available, not anywhere in the whole world, neither is there any blacklist of all people with bad credit rating. The process is simple, lenders use information from credit reference agencies to assess how well you have handled credit in the past ( This is known as Credit Check ), each lender analyses the information according to its own rules, and so you may be turned down by one company but accepted by another. In a nutshell, you credit rating varies from lenders to lenders. However if you have not handled credit properly in the past, this will show in your credit report file held at the credit reference agencies and may reduce your chance of getting loan from lenders when they consult the agencies. What Actions affect how a prospective lender may rate me? • Bad credit history • Prolonged borrowing with late repayments • Unemployment • Series of credit line • Bankruptcy • Outstanding debt • Inaccurate information held by credit reference agencies • No history of borrowing • Not meeting up with a particular lender’s specific requirements • Details not on voters register • Frauds or identity thefts Some of these actions may not be directly under the control of the borrower; while actions such as late payments can be avoided; inaccurate data held by credit agencies is totally out of the control of the borrower, what about if the borrower identity has been stolen and used for some fraudulent activities? This calls for a real need for everyone to check their files regularly. Even if you have not been refused credit, it is always advisable to check your files at least once a year for up-to-date and correct information. How to check your credit history Under the Consumer Credit Act 1974 you have a statutory right to see what information credit reference agencies hold about you. Credit Reference Agencies can provide you with a statutory credit report for a fee of about £2 this contains just your basic credit file. However with a slightly higher fee, most of these agencies can provide you with an instant online access to more detailed information about your credit status with an ongoing credit monitoring service. For more information, you can check out these credit reference agencies: • Experian • Equifax • Call Credit Does bad credit history mean i can never get credit? Although this is an important factor which is placed so much emphasis upon when it comes to getting out credit or loans from high street banks and major financial institutions, this might mean a very poor chance of one getting out a loan with such companies especially if you have big projects to carry out such as business loans or mortgages. However, if you need credit on a smaller scale, you may stand a 100% chance with companies such as the home credit providers. You might not be able to get huge sums, but you can always get credits between say £50 - £1000. Such companies usually charge a slightly higher interest rates compared to other lenders due to the fact that they don’t do credit checks, thereby taking a higher risk and most of their services are provided as a door-to-door home collected credit services. One company that provides such a service is provident financial and there are lots more. You can see our “who are home credit providers” article for more information. By Victor Bassey. Http://www.homecreditproviders.com Credit Rating W 0 Subcategories Arts & Humanities > Awards > Arts & Humanities > News and Media > Arts & Humanities > Web Directories > Business & Economy > Employment and Work > Business & Economy > Law > Business & Economy > News and Media > Business & Economy > Web Directories > Computers & Internet > Communications and Networking > Computers & Internet > Hardware > Computers & Internet > News and Media > Credit Rating W 0 Articles Avoiding A Bad Credit Rating by Richard Greenwood Loans for Poor Credit: Time to Shrug Off Bad Credit Tag by Jennifer Morva Personal Loans with Poor Credit Rating: Most Effectual Alternative for a Tarnished Credit Rating by Jennifer Morva Poor Credit Loans: Wiping Your Credit Worries by Turk Malloy What Banks Do Not Want You To Know by Joseph Sabol Loans for Bad Credit: New Hope for Poor Creditors by Shain Johnson Bad Credit Rating - A Good Thing? by Steve Gillman Very Poor Credit Rating Loans: Get Loan and Also Build up Your Bad Credit Rating by Jennifer Morva Bad Credit Loans: Best Way to Solve the Immediate Financial Problems by Caron Young Boat Loans For Bad Credit: Reasonable option for the borrowers by Andrew Peterson