Rejected Applications

In some instances we are unable to approve an application because it fails to meet our acceptance criteria. Where the decision included the results of a credit reference enquiry then we have a statutory duty to inform you of the decision, along with the name, address and telephone number of any Credit Reference Agency that was consulted during the assessment of the application.

London & Surrey Motor Finance Ltd uses:

Experian Ltd
Landmark House
Experian Way
NG2 Business Park
Nottingham
NG80 1ZZ

Telephone number: 0844 481 8000

www.experian.co.uk

Frequently Asked Questions

Why have I been turned down?

Lending decisions are usually the result of complex assessments that take both personal details such as age, income, employment and address stability, amount of credit, type of vehicle, as well as the results of a credit reference enquiry with a credit reference agency. Occasionally an application fails to meet the minimum acceptance criteria set by the lender.

Will I be turned down by another lender if I apply to them?

Not neccessarily. Every lender uses its own criteria to assess applications. If one lender has rejected you then this does not mean that another lender will reach the same decision.

Do I have a right of appeal against a rejected application decision?

London & Surrey Motor Finance does not operate an appeals process where an application has been declined. However, if it is known that incorrect details have been supplied, or if an error on your credit reference records has now been rectified, you may contact us to discuss the matter further and if appropriate make a further application.

What can I do to improve my chances of being accepted in the future?

The most obvious way to improve your credit rating is to make sure all your existing credit commitments are paid on the dates they are due and you avoid any negative items such as county court judgements or defaults.

Take steps to manage your profile on an on going basis. This can be done through using tools such as Credit Expert from Experian. Through credit reference agancies you can also review the accuracy of your credit profile and if found to be incorrect they will help to amend any anomalies.

Having an amount of credit is also very important, as your payment record will show against your credit profile and this helps a prospective lender form their decision. If you do not have any amount of credit showing on your credit file a lender may refuse an application as they are unable to analyse how you have managed/conducted any previous or current credit, equally if you are considered to have too much credit a lender may consider you as being over committed.

It is also important to make sure you are listed on the electoral roll as lenders use this information to ascertain your address history.

Normally there is not a “quick fix” to improving your credit rating and it will only happen over a period of time.

How long do negative items remain on my credit report?

County court judgements and defaults will stay of your record for generally six years. Bankruptcy will stay on your record for up to ten years. The conduct of how you repay your credit is detailed over a period of the last twelve months and prospective lenders can see if you have had missed or late payments even when accounts have been completed going back over a period of five years.

I have been told that too many recent credit searches will damage my credit rating?

There are a number of myths surrounding the subject of credit searches and that they can cause problems when applying for credit. The reality is that the existence of recent credit searches will very rarely have an effect on an overall lending decision. Providing you have made a genuine enquiry for finance you do not have a right to have the search removed.

London & Surrey Motor Finance, the specialist loan provider

35.27% APR Representative