Lenders don’t have to offer you credit. And if you are refused, they don’t have to give you a detailed reason. But they do have to tell you the name of the credit reference agency which supplied information about you.
You can also ask the lender to reconsider, if it made its decision just using a computerised credit scoring system or if you believe you have further relevant information.
Do not carry on applying elsewhere. Each search will leave a ‘footprint’ on your credit file; this may look like you are overstretching yourself financially. (If you are shopping around for credit, always ask companies for a quotation before making a formal application for credit).
Contact all three credit reference agencies immediately. Request your file from each and explain the situation. Ask that an alert be placed in your file. Contact your bank/building society.
You can also pay for ‘protective registration’ offered by CIFAS
. It places a warning on your file informing lenders that you may be at risk of ID fraud.
There are a number of firms that promise to ‘repair’ your credit for a fee. But the Financial Services Authority says consumers should be very wary about using them. Credit reference agencies are legally obliged to correct mistakes or add a ‘Notice of Correction’ to your file without charge. And free advice on dealing with debt is available from National Debtline and the Consumer Credit Counselling Service.
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