Loans FAQ
What are Credit Reference Agencies?
Credit Reference Agencies are companies which hold on file the borrowing history of almost everyone over the age of 18 in the UK. Lenders and providers of financial services can, for a fee, access the data held by these companies to aid them in deciding whether to approve a loan application.
Details held include information from the electoral register, records of all the credit agreements you currently have or have had in the past, details of late payments and defaults on loans and credit agreements, and also County Court Judgements (CCJs).
These records can be held for up to 6 years after each loan or credit agreement.
Credit Reference Agencies do not make the decision to accept or reject a loan application - this decision is made by the lender, who will take into account the information held on your file as supplied by the agency.
