Debunking myths about being blacklisted

Previous occupants of my address can affect my credit rating

This factor makes no difference to a lender unless you have a financial connection with the person. Always inform your creditors of any change of address.

I used to have a bad credit rating

One bad credit score doesn’t necessarily mean that you are going to be classed as an unreliable debtor for the rest of your life. A missed repayment is kept on record for at least 36 months so potential creditors will view your application unfavourably if you have been unable to rectify this. Your credit rating changes over time, as your circumstances alter, so if you did get a bad credit score a few years ago it could, with better management of your finances, it could now be a good one.

Decisions are made by credit reference agencies

Decisions about whether or not you qualify for a loan are not made by the agencies that keep your credit history. Credit reference agencies simply assemble the information in your credit report, hold it securely and give access to registered and approved organisations, such as banks, building societies and finance companies.

Family and friends living in my residence can affect my credit score

Family and friends cannot have an effect on your credit score unless you have a joint account.

Repaying your credit card in full lowers your credit rating

If you are making your repayments on time then obviously your credit rating will be high since it becomes evident that you can afford your debt. Lenders can see that you are timely with your debt consolidation and will therefore view you as less of a risk than someone who allows their debt and added interest to increase.

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