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Can't get a secured loan? Time to check your credit file

With loans secured UK lenders won't lend you money if they don't think you can afford the repayments, or if you're too big a risk for the firm. However, in some cases the problem could be an error on your credit file – and every loan refusal makes the problem worse.

When they consider applications for loans secured UK lenders do two things: they carry out a process called credit scoring, and they check your credit reference file. Credit scoring is straightforward enough – the firm works out whether you can comfortably afford the payments and whether you're the right kind of customer for that particular lender – but you can still get a good credit score and be refused a loan. The culprit could well be an error in your credit reference file.
If you're refused for loans secured UK lenders will record this fact in your credit file, which is held by one of two firms: Experian or Equifax. Every rejection is added to your credit file, so if you keep applying for loans and keep getting knocked back then your credit record will start to look very uninviting.
The trick is to ask why your application has been refused; lenders have to tell you. If the rejection is because of a black mark on your credit file you can ask which agency they use - Equifax or Experian – and contact them to correct any errors that might exist on your credit record. helps you find the best loans companies for your specific needs, and gives you background information on the various types of loans available in our loans articles, more loans articles and still more loans articles.

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