Loan Company That Gives Loans To People With Bad Credit
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Credit blacklist a myth
When people are refused credit, many believe that they are on some kind of financial ‘blacklist’. However, according to credit referencing agency Experian, a blacklist does not exist.
People can be refused credit for many reasons - ranging from having a less than perfect credit history to a negative financial association on their file; and from not being listed on the electoral roll to having multiple financial commitments.
However, just because one lender refuses an application, it doesn’t mean that another will. Lending criteria can vary from provider to provider with some being extra cautious and only lending to those people with a whiter than white credit history to those companies who are more sympathetic to, or who even specialise in, offering credit to people whose credit file is not perfect.
Financial blacklists against individuals do not exist. However, consumers should be aware of a practice called \'red lining\'. This is where a mortgage lender will draw a red ring around an area or address that is thought to be a high-risk.
This could be an area as a whole; or just a street of a block of flats. Lenders highlight these areas as high risk and will not lend. This is because of the belief that the properties will be difficult to sell (maybe because it is seen as a dodgy area, or on a ‘rough’ estate etc) and they feel that the owners may default on their loans.
While the consumer body the Office of Fair Trading (OFT) do not view it as good practice, at the time of writing, red lining is not illegal.
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