Why have I been refused credit?
Only the company that turned you down can tell you why. They do not have to give you exact reasons, but they should give you an idea, and must tell you if they ran a credit check through a credit rating agency. Before granting credit or approving a mortgage, most banks and finance lenders will run credit checks with a credit reference agency. The credit agency will not make the decision or apply the credit limit - that is decided by the lender. But the lender will combine the information they know about you and what you may have told them, with the information on the credit check which they obtain. If they ran credit checks with a credit agency, they must give you the contact details, and you can then apply to the agency for a copy of your credit file. The credit file may reveal adverse information which you can then consider. If the information is true and accurate, then it cannot be removed. However, you can remove any inaccurate data provided you can prove it is wrong, and you can in some circumstances be allowed to place some comments on your own file, for example to explain the reasons for previous debt problems or defaults. You can also amend any information which has appeared on your file which is not about you, or is about someone who you have no financial connection with.