1.2.4 Credit History
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The lender will need to know how financially secure their loan
is going to be, and so will check with a number of sources the borrower's
financial status.
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Each lender will have their own checking system, which is likely
to include the following information sources:-
- Existing lenders.
- Credit check, which will show County Court Judgements (CCJs) and
any 'letters of satisfaction'.
- Bank references.
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Having gone through an initial interview with the potential borrower,
the lender can corroborate the information provided at interview
and on any completed application with the above.
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A bankruptcy search will also be made
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