![]() It’s also a verification method that certifies you’re a UK citizen. The Electoral/Voters Roll isn’t just used to permit you to vote for the next political party to wreak havoc across the nation. The Majority of Lenders Use the Electoral Roll to Verify Your Identity If it’s a mistake, get it fixed, and if it’s the latter – The system’s working. The National Fraud Database is not a credit blacklist but it will most certainly block your every attempt to obtain credit because guess what… banks don’t want to do business with fraudsters.Ĭheck if they’ve mistakenly or purposely put your details on that register. “If you’re a victim of identity theft, it can lead to fraud that can have a direct impact on your personal finances and could also make it difficult for you to obtain loans, credit cards or a mortgage until the matter is resolved.” ~ Action Fraud All you’ll hear is the same message repeatedly of computer says no every time you apply for finance. Since they don’t know that you’re not actually a fraudster, they aren’t going to notify you. If a bank is at financial risk, these databases let them know. ![]() Whilst the database itself is a good thing, it serves the financial sector more than it does for individuals. That was 148,000 people’s details listed on the National Fraud Database ( NFD ) – Wrongfully. For consumers, it’s only useful ‘after’ you’ve had your identity stolen.Ģ015 statistics from CIFAS, revealed that the UK saw a 57% rise in identity theft. They’re not the only player in the fraud prevention game though – there’s also CIFAS. This is a company owned by banks and building societies. When we explain to our customers about how to get bad credit mortgages, we mention that it may be worthwhile checking with the National Hunters Database. You’ll hear time and again that there’s no blacklist. Read on to find out about… 11 Things You Really Ought to Know (but don’t) About the UK’s Credit SystemĪdded Bonus is You’ll Learn How to Fix Your Credit Rating That’s the sad state of the economy we live in.Īnd if you don’t and wind up having to access emergency credit through fast loans, you’ll fall into a credit history black hole and be left there for six years before the evidence of your financial hardship is removed from your credit report. Suddenly, it dawns… if you want that new home you need a bad credit mortgage.Ī sad sign of our times is that you have to prioritise taking care of the information held by the credit reference agencies, more than you take care of your personal finances. The more credit applications you have rejected, the worse your situation becomes.Īccessing short-term finance becomes problematic. Being refused repeatedly… that’s doing major damage. Being declined credit isn’t a joyous moment. ![]() Well, that’s how you go about improving your credit score. Knowing how lenders use your financial records….Used by all lenders to assess your level of financial risk. What they really are, are information havens. The big three are Experian, Equifax and CallCredit. The official term for them is Credit Reporting Agencies (CRAs). Three protection companies let them do that. In cash-strapped times, the money guardians with the cash to lend – want to keep their hands on all they have, protecting it all costs.
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