With the lending crunch in full swing ensuring you do not have a poor rating has become essential.
So, are you on a credit blacklist? The short answer is no, you are not.
This is because there is no such thing as a blacklist.
Credit reference agencies are only able to show actual factual information about you, most of which is provided directly by the lenders and financial institutions with which you have interacted.
Such reference agencies do not, in fact are not able to, offer opinions about whether you are likely to be a good, or bad risk.
Actually almost all lenders make their lending decisions using a scoring technique based on information held by the agencies, additional information you may have provided, plus their own internal processes.
As a general rule the information the agencies hold shows that most people are actually good payers and make repayments on time.
So what is this scoring process you ask? Well, the scoring process is a method used by lenders and other financial institutions to assist them in assessing the risk involved in lending someone money.
In essence it involves building a score based upon the details you completed on the application form together with the information held on your credit report.
It is possible that the information you supplied on your application form meant that you do not fit the lender's 'customer profile' and that the information held by the reference agency did not affect the decision at all.
Different companies take a variety of different information into account and so it is quite possible your application may be accepted by one company but declined by another.
If a lender does decline your application they should tell you what the main reason for your rejection was.
They should inform you whether their decision was based upon a score, information held on your file at the agency or on their own specific policy.
If the decision was based upon your reference agency file, the lender should tell you the name and address of the agency they used.
One solid piece of advice - always check your credit report! You should regularly obtain a copy of your report.
This is especially important either before you make an application for a loan or other items or if you are declined as a result of the information held by a reference agency.
Your report will include all the information that any lender or financial institution you apply to may see and will help you to establish why your application to them was declined.
Your report will not state the reason you have been declined because only the company you applied to will know this.