Is there a universal credit ratings blacklist?

Posted - 08/05/12

The universal credit ratings blacklist is simple a myth: instead, each lender - ie banks - evaluates each application via their own stipulated requirements and criteria. However, there are a number of resources available to lenders, which can indicate your credit worthiness. The three main resources that lenders check are the following,

1. Lenders can check if you have a CCJ: which is a county court judgment that shows you have failed to pay money that is owed.

2. Lenders can check the electoral roll: which will provide them with your address and date of birth. If you are not registered on the electoral roll at your current address, this may be viewed negatively.

3. Lenders can check your CIFAS file - CIFAS is a Fraud Prevention Service which checks if any known fraud has occurred in your name or residence.

Credit rating, and fraud rating agencies - such as Equifax - are usually employed by lenders to compile the above data, and will have a saved credit file/report about you.

The things lenders cannot check are numerous; firstly, they cannot check if you have been declined by other lenders, although they can view your previous applications.

While CCJs are available to lenders, your other criminal convictions are not. Your employment salary, medical files, child support details and driving bans/fines are likewise not included on your credit file.