"Am I on your credit blacklist?" Unfortunately, the rumour of blacklisted addresses has been doing the rounds for some time now and shows no signs of abating. Credit agencies in the UK do not hold a credit blacklist. The information Credit agencies hold on your credit report can relate to where you live, how long you have lived there and whether you have had financial difficulties. Your credit report will show any financial problems in the past six years but will not show you as 'blacklisted'. They hold factual information about your finances, which is supplied to them by the majority of the lending organisations in this country. Credit Agencies simply provide provide those lenders who are subscribed to their services with factual information that enables them to make a balanced and commercially sensible decision about your application. Credit agencies do not offer opinion on how credit-worthy you are.
So what information do lenders use to make credit decisions? Lenders use the information held by the 3 main credit reference agencies as part of their application procedures but other factors are also taken into account. The information you provide at the point of application is equally important, as is your existing relationship with the organisation you are applying to. All organisations have their own internal policy on lending and, at the end of the day, only they can make a decision about whether or not to accept your application.
A lender often decides whether to grant you credit or not, after running a credit check. Information on your credit report, your credit score and information they may hold from your application will affect the decision. You can ask the lender why they have made their decision. They should also tell you which credit reference agency they have used to access your individual credit information.
