What is an Adverse Credit History?
Put simply, the term adverse credit history refers to borrowers who have a history of credit transactions that are deemed as unsatisfactory. The term is also sometimes referred to as ‘Impaired Credit’, ‘Sub prime’, ‘Poor Credit’ or ‘Bad Credit’. The simple facts are, many people struggle to cope with the pressures of the world today, and find themselves in financial difficulties, sometimes through no real fault of their own, and end up labelled as having an adverse credit history.
Adverse credit history can come under a number of different headings. It can also be known as a poor credit history, non-status credit history or impaired credit history. These terms are all used by credit companies when judging one’s credit history. When you apply for a loan, lenders, banks and credit card companies will look at your credit history in order to judge your financial credit standing. They gain this information from credit agencies. Credit agencies track your history of repaying credit and loans. They have on file your financial transactions when repaying loans or credit. They are able to use this information to tell whether you have an adverse credit history or not. Credit agencies track your repayments on loans and other forms of credit. They keep this information on record and assign each person a credit score. If your credit score is below a certain amount, then you will be marked down as having an adverse credit history. This may mean that you are unlikely to repay y
Adverse credit can be caused by many instances: • People who have been adjudged bankrupt • People who have received county court judgements • People who have taken individual voluntary arrangements • Those who have defaulted on loans or mortgages While these are sufficient reasons purported by other lenders to refuse adverse credit secured loans to borrowers, we at Get Secured Loans decided to take the risk involved in dealing with people with adverse credit history.
When you apply for a credit card, the credit card companies will check your credit history with one of the credit reference agencies. The main two agencies in the UK are Equifax and Experien. Contact them at Equifax or Experien if you want to find out what information your file contains or you can subscribe to their service to get regular updates.
Apply for this FREE Loan Service whether youre looking to save money by clearing all your credit or require a loan for any other purpose. Essential will give you peace of mind, as we have access to ALL the best rates and loan schemes available. Their FREE service will give you an invaluable insight to what is on offer without any hard sales or obligations.
