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Credit checks & star ratings

When you buy a borrower subscription you agree to the borrower terms, which grant us permission to run a credit reference check on you at one or more of the UK's credit reference agencies (e.g. Equifax, Call Credit, Experian).


Verifyable ID?

If you are just requesting a quotation, a Credit Quotation search will be run which will be visible to you and us on your credit records, but will not be visible by others and will therefore not affect your credit rating.

When a Credit Quotation or Credit Application search is run on you, the first thing that is checked is that you have a verifyable ID. You need to be in permanent UK residence, on the local electoral register and to have a UK bank account that will process direct debits. You may need to supply us with a bank statement, a recent utility bill that has been sent to your address and/or a payslip to verify your income and details of your employment.

When you submit a new Loan Request a Credit Application search is run on you (just as any other credit provider or bank will do). This search will be visible to other credit providers and hence might affect your credit rating. Elements of your information are shared, via the credit reference agencies with other financial organisations, following strict protocols laid down in SCOR's (Steering Committee on Reciprocity) 'Principles of Reciprocity' which is the credit industry's own code governing the sharing of consumer information through credit reference agencies.

Borrowing and repaying a loan via, and making all repayments on their due dates, will probably have a positive effect on your credit reference.

Credit Score Star Rating System

We only provide loans to credit worthy borrowers in the credit categories of A*, A and B. We have devised a credit score star rating system for ease of use by lenders on this site. There are three star ratings, Credit Reference, Affordability and Stability, with each offering from zero to five stars, the more stars the less the credit risk. Overall there are a maximum of 15 stars (the very top of credit worthiness and low risk to lenders) and the minimum of zero stars (the lowest end of B category, still credit worthy but the lowest that this site will accept). These star ratings will help lenders assess the risk in lending and make a decision about the interest rate to bid.

Our star rating system approximately equates to the alphabetic credit rating system as follows:-

 Alphabetic Category  Star Ratings
 A*  11 to 15
 A  6 to 10
 B  1 to 5
 C  0

We feel that star rating system provides more granularity as it focusses down to issues other than just credit reference. If you have an acceptable borrowing proposition and a reasonable star rating score you should have no problem getting lending offers.

Credit Reference

This rating is based mainly on the data relating to past credit performance history and allocates 0 to 5 stars appropriately. Please note that a score of 0 stars in this category indicates a credit reference which is at the low end of B, which is still a good credit reference!

Affordability of Your Loan

To protect our lenders, we see affordability as a key measure for unsecured personal lending. This measure focusses mainly on current financial information, income, expenditure and any existing loan arrangements. It calculates and rates the affordability of the loan repayments and whether the borrower can support such repayment instalment plans without financial stress.

Stability in Your Life!

The measure of stability endeavours to assess the risk of a potential change in the circumstances of the borrower baased on historical stability in employment, residence and some other measures. Obviously a change in the employment situation might well affect the borrower's abilty to service the loan.

Missed Repayments

If a scheduled repayment by direct debit fails or is missed, or worse stiill, if the loan falls into arrears or default, we are obliged, as mentioned above, to report this to the credit rating agency for other credit providers to see. This will almost certainly affect your credit reference. For more information on arrears and default please click here.

Not a Good Credit Record?

If you do not have a good credit record you won't be able to get a loan on this site. However, there are various ways to improve your credit rating and/or remove any errors that you might have in your credit reference. Please try some of these:-

This is Money - How to Improve and Protect your Credit Rating

Money Saving Expert - How to Improve Your Credit Rating

Money Super Market - How to Improve your Credit Score

MSN - Nine Fast Fixes for Your Credit Scores

When you're sorted, then come back. We hope to see you soon! 


Good luck!