How do lenders decide make their decisions

No one has a given the right to credit. Before giving credit lenders check whether to them you are an acceptable risk and they all have different ideas of what is acceptable. One of the decision factors is your credit rating.

There is no such thing as the fabled “blacklist” and agencies do not give an opinion about whether or not you should be given credit. The lender decides this once they have looked at the information they have gathered. Some lenders use a credit scoring system which gives points to pieces of data such as age, job, home ownership, and of course your credit record. Once these points are totalled it gives a Credit Score which helps the lender make their decision..If you have been shopping around for credit then there will be a number of searches recorded on your credit reference file. In some cases this may be sufficient reason for lenders to refuse you any credit even though you may have no intention of taking up all the offers. The best way to avoid this is to compare companies by rates and quotations without actually going through a full application with each one.

Lenders do not have to tell you why they refused you but should give an idea such as - your credit record. If you think this decision is wrong you should ask the lender how to get the decision reviewed. This could be by providing additional information such as showing that the debts shown as unpaid have now been paid.

You are able toput a statement onto your credit file explaining the situation and about your current and/or previous circumstances. This entry will be included with your file in the future and will be seen by lenders searching your file.

How do I obtain a copy of my credit reference file?

It is very important that the information held about you is correct and you have the right to request a copy of your file under section 7 of the data Protection Act 1998 to check this.

The easiest way to order your file is online (Equifax and Experian) or by telephone (Experian), as long as you have either a credit card or debit card in your own name. Alternatively you can write enclosing a cheque for

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Are you looking for CeMAP revision notes to help you with becoming a mortgage broker?

If you are considering buying old CeMAP revision notes on eBay, beware! It could be a severe waste of your money!

You should be aware that the Institute of Financial Services (ifs) often changes the Certificate of Mortgage Advice and Practice (CeMAP) course content on a yearly basis and sometimes twice a year. Changes have recently been made from 1st September 2006 and as a consequence anyone buying old CeMAP revision notes, would be wasting their money, as they are most probably out of date.

Registration of the CeMAP exams currently cost

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For God’s Sake! Look at them all! Everyone is busy running around like a headless chicken trying to get-rich-quick. Make a fast buck from the latest craze and then move on to the next ‘big’ thing. Here’s a tip from me for free. Find one thing that works and STICK TO IT.

The simplest and easiest is probably real estate. If you’re serious about making big money and you truly want to retire sooner rather than later then start here. Save the pennies and re-invest. In other articles, I gave sure-fire tips on how to get started the easy way. I will now talk about how to continue growing. How to continue building your empire once you’ve started.

The secret to winning against any financial lending institution (as is the secret to winning any battle) is to know your enemy. Know this: banks want to lend you money. In fact, they will bend over backwards to lend you money. But (important) only if they think that you are a safe bet.

They will always do a credit check on you. If you fail this check, you’ve no hope of getting the best possible deal from the lender. Expect to be offered extortionate interest rates and to be treated with no mercy should you even think of defaulting on half a re-payment. In case you don’t know, any money that you have ever borrowed, e.g., a credit card, store cards, mortgages, car loans etc are kept securely on record. This is your credit file and the information is collected and updated very, very regularly whether you like it or not. If you absconded four years ago and did not settle that 12.50 parking ticket, it will be on your credit file. The credit check will reveal all.

So, put the odds in your favour. Get a copy of your credit report, read it and correct any errors or mistakes by contacting the CRA (Credit Reference Agency) involved. Be up-to-date with all bill payments. Lenders do not like to see maxed-out credit cards on you credit report so leave a third of the limit available to spend. After you’ve perfected your credit report. Fill in those forms and start applying for mortgages and watch lenders fall over themselves to be of service to you.

Ugo Okonkwo
http://www.real-estate-entrepreneur.com/

Ugo trained and works as an Orthopaedic Surgeon. His interests also include entrepreneurship and he has set up many successful business websites including Real Estate Entrepreneur http://www.real-estate-entrepreneur.com.

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