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Loan Information - Credit Reference


Credit Rating


How does a Credit Rating Work?

In the United Kingdom there are two credit reference agencies which carry out this credit rating service. These are the Nottingham-based company, Experian, and Equifax, in Glasgow. Between them, they carry details of 44 million UK citizens. Their data banks include details about your family, credit cards, mortgages, and information on any unpaid bills, failure to pay hire-purchase debts, or County Court judgements (known as CCJs) against you - although they will not appear if paid off within one month. If paid off later, the file can be marked "satisfied" but the information will be on their files for six years.

These credit reference agencies will look at the electoral roll for your address to see how long you have lived there, plus the financial details of every adult with the same surname at that address.

Other available information, supplied by organisations with whom you have financial dealings with, details how you handle the credit accounts you already have. These credit records are updated monthly to show whether you keep payments up to date. There will also be a record of enquiries made on your name over the past few years, not all of these for lending purposes. The presence of multiple enquiries, or "footprints" against your name, irrespective of whether a loan or a card application was actually proceeded with, can sometimes be taken to indicate that the individual concerned is a potential "bad risk".


If you think your Credit rating is wrong

If you feel there is an error in your rating and you are being treated unfairly, read our article on Credit Reference Information.


OCIS provide general financial information, we urge you to consult an Independent Financial Adviser ( IFA )
before making any important decisions about your finances.