James
Just recently I have been refused credit three times. I have ordered a credit report and from it I can see that I have a clean record - in fact my rating is extremely high. Why should this be happening all of a sudden?
Jane, Edinburgh
Jane
Unfortunately I can't tell you why you've been refused credit - only the lenders concerned know and you must get back to them and ask for a reason. Under industry codes they should give you the principle reason for refusal. It could be that while your credit report is fine, you don't measure up in other areas - for example, maybe you have not been in your current job long enough to show stability as a borrower, or perhaps they don't feel you have a high enough income to service the credit you applied for. Information about these matters is not held on your credit report, but would be supplied by you to the lender through the application. However, I am only guessing - I don't know and you'll have to ask them. What I do know is that lenders are being extra careful when lending these days - they are under a lot of pressure to lend responsibly and the current credit crunch means they have to be sure they're lending profitably too. I hope you find out and can take appropriate action.
James