Establish Your Credit Rating
At IFA Car Finance we understand the importance of credit ratings and credit scorings. Every finance lender, bank and building society calculates credit ratings slightly differently but the principal information required establishing this is very similar.
At IFA Car Finance we will not ask you intrusive and sensitive information about your income and expenditure – our credit rating for clients is based on the following information:
Your past credit agreements from within the last 5 years – these include mortgage payments, car loans, credit cards, personal loans, store cards and mobile phone contracts.
Payment history is one of the most important factors in determining credit score – if you have had credit and repaid it every month without missing payments then your score will be higher.
In simple terms the higher your credit score is means that your payments will be lower.
If you have missed the occasional payment or have made the payment late then it will not have a significant impact on your credit score.
If you have regularly been late making payments, have missed payments and fallen in to arrears then we may still be able to provide you with the lowest cost loan.
If you have had a County Court Judgment against you then we will regrettably not be able to assist you.
We recommend all our clients take advantage of Credit Expert, provided by Experian to establish your credit score but also very importantly to keep abreast of your credit activity. Identity fraud is a growing problem within the UK and Credit Expert will alert you to any changes on your credit profile which may be fraudulent so that you are able to act quickly in resolving any issues.
Please contact us for further information regarding credit scoring and underwriting decisions.