Jersey Consumer Council

Tag: reports

Credit Ratings

October 23, 2015 Banking, Top tips No Comments

Credit rating – what’s the score?

The importance of your credit history is not overrated. Your credit history information is of interest to a lot of people. A bad credit history can make it harder for you to obtain loans and even a mobile phone contract. Landlords and potential employers can and will also look at your credit history report.

Banks have changed the way they decide to lend money since the financial crisis. Essentially, the lenders now want to take fewer risks with their cash.

Basically, being granted a credit facility enables you to repay over a set term usually having interest added and paid back with the initial advance on a monthly basis.

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