A credit check looks at the financial information that is held by credit reference agencies e.g. Equifax, Experian or Transunion.
Looking at this information helps us to see how you have managed credit in the past and how you are managing your current credit payments.
We know that many people who apply for our loans have a poor or bad credit score and while we do look at your credit score, we don’t expect it to be perfect.
We understand that things happen which can mean you have missed some payments and this can give you a poor or bad credit score.
At Moneyline, we start off with a soft credit check when you apply for the loan, with your permission. We know that this is very important to our customers, especially those who are considered to have poor or bad credit score.
Other lenders can’t see soft credit checks, which means they have no impact on your credit score.
If we decide that the loan isn’t affordable for you right now we do not complete any further checks, so you can apply for a loan with peace of mind.
It’s only if your loan is approved that we complete a hard credit check which other lenders will be able to see. This is why we ask for your permission in the application form.
There are lots of free websites where you can check your credit score and also your payment history with all your credit providers.
You should think about looking at this information, especially if you have been told you have a poor or bad credit score to make sure the information the credit reference agencies are using is accurate. If not, you can tell them and get it updated for you.
If you sign up to these free services, they will usually let you know when a check has been run.