Tenants who have not been able to repay previous secured or unsecured loans, defaulted on monthly credit card payments for whatever reason, or failed to comply with CCJ's are just some of the factors which may influence your credit rating. All lenders use credit reference agencies to help them assess bad credit loan applications from tenants. The information available from a credit reference agency may include people living at the same address, previous credit applications, credit agreements, county court judgments, bankruptcy information and details of late loan payments and defaults.
If you are aware that you have a bad credit history and your last tenant loan application was turned down, it is worth knowing the precise reason. Tenants are legally entitled to contact the loan company to find out which credit referencing agency was used. You can then contact the agency to obtain your credit reference information to confirm whether the records are correct and up to date.
Tenants with poor credit ratings can apply for bad credit loans as there are companies who specialise in offering this type of loan. In addition to credit scores, lenders will also assess your tenant loan application according to the reason for the loan, your ability to repay the amount given your current income, employment history and existing debt commitments. It is worth remembering that each company will consider bad credit tenant loan applications on their individual merits. If you are a tenant with a poor credit history, consider bad credit loan suppliers. More information on credit scores
Source : uk properties businesses
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