Credit Reports
Every time you make a loan repayment, a mortgage repayment, credit card or store card repayment, information is added to your personal credit file.
The more responsible you prove yourself to be with credit, the stronger your credit file is likely to be.
If you have never had credit, it is sometimes difficult to apply for credit because you have no history of responsible credit management. If you have experienced a financial crisis in the past and may have missed some payments, this could be harmful to your credit file.
A bad credit file does not necessarily mean you can no longer obtain credit, there are a select number of lenders that will still consider your application.
Some people have great credit files - a real asset to them - but others do not. Credit files are not just used to assess your credit risk, but also when you apply for some jobs, or when you seek to rent a property.