What if my application is declined?

Sometimes a lender may not wish to lend. This may be for a number of reasons. The lender may think you cannot afford the loan, if it is a secured loan, your property may not be of sufficient value.

A lender does not have to tell you why you have been refused a loan but you can ask them for the name and address of any credit reference agency used and they will supply this information free of charge.

If you are refused credit because of a computerised credit scoring system you can ask the lender for an explanation of how their credit scoring works ( this applies only if the decision has been made on the basis of a computerised system alone). The lender may charge a small fee for providing this information. You also have the right to require a personal, non automated, review of the decision.