Adverse Credit When Is A Credit History Labelled As Being Adverse?
If you are a borrower with a history of unsatisfactory credit transactions, the lenders will describe your credit history as adverse. The expressions poor credit, bad credit and sub-prime all describe exactly the same situation. This leads to a number of questions; what credit information is collected about you, where does it come from and how bad must your credit history be for it to be labelled as adverse?
It’s the credit agencies like Equifax and Experian which collate information about you and then process it. They are then legally entitled to sell the information to anyone with an authorised purpose as defined by Law. This includes banks, building societies, credit card companies, other lenders, landlords, employers, any government agency and anyone you have ordered a product or service.
And you’ll be simply astounded what information the credit agencies hold about you!
A typical computer file will store your name, address, date of birth and social security number. It will also include your previous addresses, whether you are registered on the voters’ roll,...
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