Covid 19 Status

In line with HM Government requirements to fight the spread of Covid-19 we have measures in place to ensure that we protect our staff, their families and the wider community, but also to ensure that there is minimal disruption to our customers.

Your access to online Multi Agency Credit Reports, Expert Help and Account Management remains unaffected. We take great pride in the support that we provide to our customers and throughout this period will do all we can to minimise the impact on our services. While the country remains in lockdown we will continue to support your queries via a dedicated and experienced team that will be securely working from home, and supported by a Management Team that will continue to be based at our head office and who will be able to provide customer support as required.

The security measures that we have in place to protect your Personal Data, in line with our Privacy Policy, will mean that some elements of our personalised support are affected during this period as our support team will be working with anonymised data when working remotely. Freephone access to our Credit Analysts has been removed during this period while we focus our efforts on continuing to reply to all of your emails and secure messages within one working day.

Thanks for your understanding, and we hope to have full customer support available as soon as possible and wish you well during these challenging times.

Risk Based Pricing

What is Risk-Based Pricing?

Risk-Based Pricing refers to the concept of adjusting the interest rate offered by lenders to reflect the chances of the borrower defaulting on payments.

Having determined your Creditworthiness and overall Affordability, a lender will then set an interest rate based on this, with a view to recuperate potential losses caused by debtors failing to make payments

This is in part why you may not get the advertised APR if you apply for certain credit products.

Q: Will all lenders rate me as high-risk?

A: No. Each lender will have their own interpretation of how much of a risk you pose for defaulting on payments, so you might find if you shop around you might be able to find lenders willing to offer you a better deal elsewhere.

You might also find that the lender’s criteria may change from product to product, so if you’ve been deemed at high risk of defaulting for a loan or credit card, you might have better luck with another product from the same lender.

Q: Can I see how my risk is determined?

A: You won’t get to see the criteria used by lenders to work out your risk of default, but you can see the information they’ll assess on your file by checking your Credit Report for yourself.

If you haven’t already, you can try checkmyfile FREE for 30 days, then for just £14.99 a month afterwards, which you can cancel online, by phone or by email.


Jargon Buster

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