What is a credit check?

A credit check is what happens when your credit file is assessed by a potential lender in order to find out information on you, your credit history, and your current financial situation. This information is then used to assist in making a decision whether our partner lenders should offer you a financial loan.

Your credit file contains the following information:

  • Personal details – name, age etc.
  • Any current credit you have left to pay
  • Any credit you have had in past
  • How often you have made payments
  • Your ability to repay
  • Details of missed or late payments

Carrying out a credit check allows lenders to find out about your reliability – do you pay on time and in full each month? If so, our partner lenders are far more likely to give you a positive answer when it comes to a financial loan application.

Normally, credit checks put you at some risk – if the application is rejected by a lender, your credit history is adversely affected. However, we perform what is called a ‘soft search’ or ‘quotation search’ which allows us to increase the certainty of your eligibility for formal approval without affecting your credit history. Once this is done, we pass your application onto one of our partner lenders for full approval.

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