Your Personal Credit Report can explain why your Credit Card application was turned down. 

Your Credit Report can explain the mystery of how your credit rating is scored. Many people don’t know how lenders make their decisions or how their credit score is calculated. You have the right to view the information contained in your credit report to make sure it is accurate.

If your Credit Report reflects any errors you are fully within your rights to have these corrected. By having access to your Report you are able to challenge any incorrect information, as this may be the reason a lender may be refusing you access to credit. In addition to ensuring your report is up to date and correct you need to be aware that your credit rating has a strong bearing on what interest rate you will be offered. You may be paying a high rate of interest due to an error on your Credit Report.

These reports are compiled by credit reference agencies using information from two main sources:

1) The Public Record: e.g. electoral roll information, court judgments, individual voluntary arrangements and bankruptcies.

2) Information provided by lenders and financial institutions: e.g. credit accounts, credit applications and financial associations.