Bad Credit Myths & Facts
There are many myths surrounding the workings of your credit history. The following points will help you to separate the myths from the facts:
Previous tenants at my address will affect my credit rating.
False. Lenders can only carryout credit searchers on individuals (with consent), not on addresses. Lenders will only be able to search for information on you or anyone with whom you are financially linked with.
My family or flat mates will be adversely affected by my bad credit.
False. Unless you share joint finances such as a loan, bank account or mortgage.
Will I will be blacklisted.
False. There is no such thing as a blacklist.
Credit reference agencies hold personal information about my medical records etc.
False. Credit reference agencies do not hold information about your race, religion, sexuality, political beliefs, employment details, medical history, Council Tax payments or criminal records.
I can wipe adverse information off my credit record by paying a fee.
False. Information can only be altered or removed if it incorrect. Beware of companies who promise to sort out your credit problems.
I have a single credit rating score.
False. Each lender calculates your score differently and can vary considerably. They base this score on their own criteria.
Shopping around will affect my credit rating.
False. You should shop around by getting quotes however you should go further to actually apply too many times as past rejections for credit will also be displayed on your record for up to 12 months. You have to give your consent for a lender to go ahead and conduct a credit search so you will be aware that a search will happen.
Bad Credit Warning Signs
If the following warning signs apply to you, you need to act now to preserve or repair your credit:
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You are unsure as to how much you owe in total
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You only make minimum payments to creditors (i.e. credit cards)
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You are on/near the limit of all credit /store cards
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You have been rejected when applying for credit
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You put off paying bills until the final reminder
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You are withdrawn every month
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You have missed one or more rent/ mortgage repayment
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You receive phone calls from creditors
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You are constantly paying fees for late/missed payments
Get a Quote from the Bad Credit specialists:
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Fill out the simple – no obligation form
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Wait for qualified advisors to get in touch and discuss your personal circumstances.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
The actual rate will depend upon your circumstances. Ask for a personalised illustration. There will be a fee for mortgage advice. The fee will normally be 2% of the mortgage advance, minimum of £950 and a maximum of £3000.The fee can usually be added to the mortgage amount.
Enable Finance Ltd. is authorised and regulated by the Financial Services Authority for mortgages and non-investment insurance. Buy-to-Let mortgages are not normally regulated by the Financial Services Authority.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE