The
two main agencies in the UK are:
Experian Ltd PO Box 8000 Nottingham NG1 5GX tel 0115 934 4050
Equifax Europe Dept 1E PO Box 3001 Glasgow G81 2DT tel 0990 783783
No-one has a right to credit. Before giving you credit, lenders - such as
banks, loan companies and shops - want to check whether you are an acceptable
risk. To help them do this, they may check with firms called credit reference
agencies to get some details about you and your credit record.
The main credit reference agencies keep information on their computers about
almost every adult in the UK. These agencies do not keep blacklists or give
any opinion about whether or not you should be given credit. They simply provide
information about your credit record.
The credit reference agency will not be able to tell you why you were refused
credit. It is the lender who decides whether you are an acceptable risk. Your
rights If you are refused credit you have certain rights. In particular you
have the right: to know the name and address of the credit reference agency
that the lender contacted for details about you; to see any information held
about you by that agency; to correct any inaccurate information. The Office
of the Data Protection Commissioner has responsibility for credit reference
agencies and produces a leaflet No Credit? on how to consult your credit record
and correct any mistakes.
You can order copies of it by phoning 0870 44 21 211. Credit scoring Many
lenders use credit scoring systems which allocate points to various pieces
of information given on your application form, such as your age, your occupation
and whether you own your home. These points are added together to produce
your credit score. This helps the lender predict whether you are an acceptable
risk.
Different lenders have different systems and pass marks, so you can be turned
down by one but accepted by another. Your credit score is not part of the
file kept on you by the credit reference agencies. Lenders do not have to
tell you exactly why they have turned you down, but they should give an indication
of the reason.
(Source http://www.oft.gov.uk)
