United Kingdom Encyclopedia of Law     Wiki Legal Encyclopedia (BETA)
What do you need to know about law? Search in more than 1.500.000 entries

Credit Checks in United Kingdom

Credit checks in the Context of Mortgages

These are checks made when you try to borrow money or purchase goods on hire purchase, and are used to determine the risk of lending you money. They will examine your credit history and check for payment defaults and what you owe to other financial organisation. A credit agency is often used.

Similar Terms

Credit

Credit

A measurement of a person’s ability to pay bills on time. Several companies track individuals’ credit histories by detailing late or missed payments on loans, credit cards and other debts.

Credit agencies

Credit agencies

Companies such as Equifax or Experian that are often used by lenders to assess your financial background and determine the level of risk involved with lending you money.

Credit averse

Credit averse

When a borrower has a poor credit history, has previously been declared bankrupt or has outstanding County Court Judgements, they are often described as credit averse. People with averse credit ratings often have to pay higher interest rates on a mortgage.

Resources

See Also

Credit history

Credit period

Credit rating

Credit reference agency

Credit union

Creditor



Law is our Passion


This entry about Credit Checks has been published under the terms of the Creative Commons Attribution 3.0 (CC BY 3.0) licence, which permits unrestricted use and reproduction, provided the author or authors of the Credit Checks entry and the Encyclopedia of Law are in each case credited as the source of the Credit Checks entry. Please note this CC BY licence applies to some textual content of Credit Checks, and that some images and other textual or non-textual elements may be covered by special copyright arrangements. For guidance on citing Credit Checks (giving attribution as required by the CC BY licence), please see below our recommendation of "Cite this Entry".

Cite this entry

Legal Citations Generator

(2017, 04). Credit Checks lawi.org.uk Retrieved 10, 2021, from https://lawi.org.uk/credit-checks/

04 2017. 10 2021 <https://lawi.org.uk/credit-checks/>

"Credit Checks" lawi.org.uk. lawi.org.uk, 04 2017. Web. 10 2021. <https://lawi.org.uk/credit-checks/>

"Credit Checks" lawi.org.uk. 04, 2017. Accesed 10 2021. https://lawi.org.uk/credit-checks/

Patricia M. Leopold, 'Credit Checks' (lawi.org.uk 2017) <https://lawi.org.uk/credit-checks/> accesed 2021 October 16

Usage Metrics

630 Views. 460 Visitors.

Google Scholar: Search for Credit Checks Related Content

 

Schema Summary

  • Article Name: Credit Checks
  • Author: Patricia M. Leopold
  • Description: Credit checks in the Context of Mortgages These are checks made when you try to borrow money or purchase goods on hire [...]

This entry was last updated: April 10, 2017

CR


Mortgages


Recent Comments