Bad credit, CCJs, arrears?

The UK used car market is worth around £28 billion a year, making car credit one of the biggest areas of consumer credit after home mortgages. More than half the money spent on used cars is borrowed. The market caters for all types of borrowers, a large proportion of whom are those with bad credit, perhaps acquired through arrears or county court judgements (CCJs). This is the position of millions of people in the UK and other developed economies. If you do have a poor credit history, you are not alone, and there is absolutely no shame in seeking to finance a car in these circumstances. Credit Connect UK understands that even the best of us can have credit problems.

It is useful to know a little about the lending process in these circumstances. Any lender must ask for relevant facts concerning home, mortgage, income, bank and credit card accounts and details of other outstanding debts. The lender acquires information from a credit reference agency, who use public records to confirm your identity and address. They check for debts registered over the previous six years, and any CCJs against you. Any information on you shared by finance companies, banks and other lenders is assessed.

Should credit be refused, you can ask why, and whether you have failed a credit check. You have the right under the Data Protection Act to search your record at the relevant credit reference agency and to correct any errors in your record. There is no such thing as a "blacklist": the process is called 'credit scoring', and it is based on many different factors. You can find out what these factors are by viewing your credit record. Most lenders use similar methods of credit scoring. Different lenders have different loan policies, however, and you may be turned down by one lender but accepted by another.

If your credit record is less than perfect, usage of your details could appear as a large number of bad credit checks against your name, making obtaining future credit more difficult. Our experience allows us to minimise this by avoiding unnecesary credit checking and submitting applications to appropriate lenders so as to maximise their chance of acceptance. It's this personal, friendly, sympathetic approach which makes us the "human face" of car finance and puts us head and shoulders above our competitors.

Credit Connect UK is looking to say YES!