How do lenders make their decisions on whether or not to give you credit?
Lenders may use a combination of the following to help them make their decision:
- Information supplied by you when you applied
- Data supplied by a credit reference agency like TransUnion (formerly Callcredit). This data allows lenders to check if you're on the electoral roll at your current address, if you've paid your credit commitments on time and if you have insolvencies or County Court Judgments .
- Information about any existing accounts you already have with the lender
- Their own policies and rules