What is a credit blacklist?

Put simply, no. Credit blacklists are a misconception more than anything else. There is no such list which would prevent anyone from applying or being approved for credit. A bank or a financial lender would use your credit report and the information you give them in your application to make an informed decision about whether to approve your credit application.

Your credit report is comprised of multiple pieces of information gained from public records as well as banks and financial institutions.

A credit application from someone whose credit report shows them having arrears on credit accounts, mortgage defaults, or CCJ’s will negatively affect the decision to lend to them.

When applying for credit, the decision is based on a wide range of factors that are present within your overall credit profile, as well as the application form. Essentially, the lenders want to feel confident in lending money to someone they feel would be able to make the monthly payments on time.

It’s worth taking a good look at your credit report to see what might be affecting your score, as this can give you an idea on what areas to focus on or improve before repeatedly applying for different lines of credit.