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Credit Reference Agencies and your credit files explained, and how Shire Direct can help!

Credit Referencing Agencies keep credit files on virtually every adult in the land.

Here we offer more details about Credit Reference Agencies, and the type of information they may hold about you and how long they may hold this information for, and blacklisting. We also offer advice and help as to how to view your own credit file, and offer further help as to how we might be able to assist with a mortgage or remortgage even if you have a poor credit history!

What is a Credit Referencing Agency?

A Credit Reference Agency is an organisation that holds large amounts of data about individuals and their financial activities and circumstances. This is known as a Credit File.

This information may be accessed by financial institutions such as a bank, credit card company or mortgage lender, upon an individuals application for credit to ascertain their financial track record and history. This will provide the lending institution with information as to the type of risk you may potentially pose to them.

What information do Credit Reference Agencies hold?

Credit Reference Agencies keep a variety of very sensitive information about the data subjects they hold, and the information the credit files hold on individuals includes:

  • Registered name and date of birth
  • Registered address, and previous linked addresses
  • Electoral Roll information
  • County Court Judgements registered, including the date registered, and the amount of debt, and if the debt has been satisfied
  • Details of mortgages registered, including the date take taken out, the amount owed, monthly instalment and repayment record over the previous 12 months
  • Details of secured loans that the individual is a party to, including the date the loan was advanced, the amount owed, monthly instalment and repayment record over the previous 12 months
  • Details of other credit transactions, including the date the transaction commenced, the amount owed, monthly instalment and repayment record over the previous 12 months
  • Information relating to credit cards held, repayment history, and balances outstanding
  • Details of Bankruptcy activity that may be registered, including date of adjudication, and wherever appropriate the date the bankruptcy was discharged
  • Details of searches carried out, and by whom (e.g. bank, broker etc.) - It's worthy of note that some financial institutions may reduce your credit score if multiple searches have been performed on your credit file.

I've been told that I'm 'blacklisted', what does this mean?

Well actually, there is no such thing as a 'blacklist'

However, if you have been refused some kind of credit, for example a loan, a credit card or a mortgage, it could mean that you have some sort of adverse credit registered on your credit file; for instance, you may have a county court judgement registered against you in respect of an unpaid disputed account, or missed mortgage payments. It may simply relate to the fact that your Credit Score may not be high enough for the credit provider.

The Credit Reference Agencies collect enormous amounts of information about individuals, and amongst these details will probably be data regarding any credit you may have as well as any difficulties you encountered during the term of your credit arrangements.

How long do Credit Reference Agencies keep this information on my credit file?

Details of your credit transactions will remain on your credit file, in the main, for a period of six-years. Even if you have completed your transaction, the details of the arrangement will remain, although the date of completion will be shown. Similarly, details of a county court judgement (CCJ) will remain on your credit file, even though you may have repaid the debt. However, you can apply for a 'CCJ Certificate of Satisfaction', and have the CCJ noted as being 'Satisfied'.

Some transactions may remain for up to 15 years. These entries will usually relate to bankruptcies, or administration arrangements (considered as being small bankruptcies). However, the various stages of these more serious adverse credit situations must also be noted on the individual's credit file.

How do I check my credit file?

Under present Data Protection legislation, only you, or companies authorised by you, will have access to your credit file. By law you may inspect your own credit file held by the agency on payment of a £2 fee.

There are a handful of UK credit reference agencies, but the main two are:

and,

We can help with a mortgage or remortgage even if you have a poor credit history!

You'll be pleased to know that we can usually help with a mortgage or remortgage even if you have a poor credit score!

Here at Shire Direct, we understand and appreciate that not everything in life is straight forward, and sometimes a wheel may drop off! Poor credit may be as a result of an event that is completely out of your control. For instance, a traumatic life experience such as an accident, illness, redundancy, bereavement or marital breakdown can all play havoc with our finances.

Getting in touch with us will reveal a friendly, non-judgemental and positive experience. We have a portfolio of very comprehensive specialist lenders who are geared to providing competitively rated mortgage products, whatever your circumstances!

Obviously, our Advisors understand the issue surrounding Credit Reference Agencies and credit ratings, and it makes sense to take expert advice from the outset. Why not give us a call on Freephone 08000 282 281, our lines are open everyday (including Saturdays and Sundays) from 8am until 10pm, or enquire online anytime. We love to be able to help and we'd be delighted to hear from you!

Enquire Online now, or call us today 08000 282 281 - our freephone lines are open 8am-10pm everyday! We'd love to hear from you!

The overall cost for comparison is 9.8% APR.
The actual rate available will depend upon your circumstances. Ask for a personalised illustration. APR variable and based on a usual case. Most customers are likely to receive a lower rate or the same rate as our overall cost for comparison rate - learn more about APR.

There are no upfront broker fees.
However, a fee may be charged on successful completion. An indication is that on conforming cases (straightforward applications with no or minimal adverse credit) a fee may be charged of up to 1% of the amount advanced, typically £795 and will depend on your circumstances.
For non-conforming cases (where case research and processing may be more complex due to adverse credit or unusual circumstances), a fee may be charged of up to 3% of the amount advanced, typically £1,995.

THINK CAREFULLY BEFORE
SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED
IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

Adding existing debt to your mortgage will increase the repayment term and overall cost.

Shire Direct and Shire Direct Mortgages are trading styles of Shire Processing Centre Limited which is
Authorised and regulated by the Financial Services Authority in respect of regulated mortgage products and general insurances.
Registered No: 302389. Commercial funding and Secured Loans are not regulated by the FSA.
Licensed Credit Brokers. Consumer Credit Licence Number: 349999.

Shire Processing Centre Limited is registered under the provisions of the Data Protection Act by the Information Commissioners Office: Registration No: Z6795249. Registered in England & Wales. Company number: 2732202. Telephone calls may be recorded for training, monitoring and security purposes. All applicants must be aged 18-years or over.