Credit sticks with us throughout our whole life, and it does not take alot to turn that perfect credit rating into a low rating. Your credit history is recorded as you use your banking facilities, various lending institutions will record your credit as and when you make use of various services i.e. car finance, contract mobile phone etc.

    * So what is adverse credit history?

    * why could it effect me

    * how would it effect me?

Well an adverse credit history is a bad label to carry, adverse (bad) credit will effect your ability to apply for any type of loan or credit agreement, lenders will refuse your application or charge you a higher interest rate if your reputation for repayment is poor. Credit history can effect applications for mortgages, loans and financing which are now becoming a part of everyday life.

Everybody has a credit file, maintained by a credit reference agency. Many people have adverse credit details on their files, such as ccj's and/or defaults This means that when these people apply for general credit, e.g for a mortgage, loan or credit card, they may be declined.

Most people are not aware of credit information, credit files and credit reference agencies, yet they play  an ever increasing importance in today's world. Most lenders will automatically run a credit search on applicants, by contacting the best known credit reference agencies, Experian ltd or Equilfax. These reference agencies' purpose is to keep files containing credit information, including information about you and previous credit history.

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