Credit Reports

What are the implications of a credit report on your short term loan application?

A Bad Credit Report Does Not Mean No Loan

Credit reports are at the centre of borrowing, as it is the main tool used by lenders to determine whether a customer is likely to be able to repay. It must be made clear, that as well as bad indicators, such as missed payments, good indicators are also recorded – such as completed payments.Ensure you ave done all you can to make your score as high as possible. Check a credit agency site for more details. Join up if necessary for regular checks.

It is all too easy to look at your credit report, and see a bad score, and assume you won’t get a loan. This is not necessarily the case – especially as Moolr work with bad credit loan lenders, as well as normal lenders.

what’s more, you can improve your own credit score by taking out a loan. Make regular repayments and you are seen as trustworthy. Your score should thus improve. Always check your credit report periodically, to ensure it is correct. Mistakes do happen.

Check out the rest of our site for a wealth of advice. See our blog section and further information on credit scores. Ensure you have the full picture before borrowing.

Credit Myths

Read up also on many of the myths about credit scores and finance too before continuing. For example, did you know about the myth of blacklists?

At some point you have probably heard about these infamous “blacklists” that people are listed on if they deferred on payments or have a poor financial history. There is no such thing as this list, and any organisation will simply assess your individual credit rating when deciding whether to enter into a contract. Credit reference agencies only display factual information about people, most of which is provided by lenders. In addition, credit ratings do not take into account race, ethnic origin, religion or gender.

Three quarters of all people surveyed by Which? in 2013 believed that having a bad credit rating automatically meant being “blacklisted” by lenders. Those that consider bankruptcy often also think this gains them entry to a mythical blacklist.

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Could credit report errors be affecting your application?

Keep getting declined? 1 in 3 reports contain an error which can stop you being accepted.

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