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. They include details from the electoral register, enabling them to
know who is living at the same address as you.
They also hold records of all the credit agreements you currently
have, and have had in the past. They record details of late payments
and defaults on loans and credit agreements, and also County Court
Judgements (CCJs). They can hold these records for up to 6 years for
each loan or credit agreement.
These 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.
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