What to do if you've been refused credit
There could be many reasons why a lender has refused to give you credit. You may have too many debts already to pass their credit scoring check or personal information on your credit report might be incorrect.

If you are declined credit the lender should tell you the main reason for this - whether their decision was based upon a credit score, information held on your credit file or on their own specific policy. If the decision was based upon your credit report, the lender should tell you the name and address of the credit reference agency they used.

Always check your credit report!
It always makes sense to obtain a copy of your credit report either before you make an application or if you are declined credit as a result of the information held by a credit reference agency. Your credit report will include all the information that any company you apply to may see and should help you to establish why your application to them was declined. It will not state the reason you have been declined because only the company you applied to will know this.

Do not make repeated applications for credit once you have been declined. Each application you make is likely to result in a search of your credit report. These searches will be registered and could affect future applications. Establish why your application was declined before making further applications.

See our section on Alternatives to Debt Consolidation to see what other steps you may be able to take to help make your current credit commitments more affordable.

It is valuable to monitor the information held by credit reference agencies and to ensure that it shows what you believe to be an up-to-date and accurate reflection of your credit history.

View your personal credit information that lenders are currently basing their credit decisions on. Apply online now for your credit report from Experian, the UK's largest credit reference agency.

You will also receive a 30-day free trial to the CreditExpert Monitoring Service from Experian.

Click here for a free 30-day trial and a free copy of your credit report

The overall cost for comparison is 7.8% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration.

Your home may be repossessed if you do not keep up repayments on your mortgage.

You can choose how we are paid: pay a fee, usually 0.5% of the loan amount; or we can accept commission from the lender.

The FSA do not regulate some forms of mortgage.

THE FSA DOES NOT REGULATE CREDIT REFERENCE AGENCIES