Refused a loan?

Getting an explanation from your lender

If you apply for a loan and your application is refused, it may be because the lender believes that you cannot afford the repayments or that you have too many other financial commitments. If you are refused credit you can ask your lender to explain why - although they do not legally have to tell you.

Why your credit history is so important

You may be refused a loan because of low credit scoring or a poor credit history. Your lender has to tell you the name of any credit reference agencies they used, for example the Irish Credit Bureau (ICB), as information about you held by the credit reference agency affects your credit score.

It is the lender, not the credit reference agency, who makes the decision about giving you a loan. If you are turned down for a loan and have never had problems repaying your loans in the past, you may want to check your credit history in case there is an error. You can do this for a small fee by applying to the Irish Credit Bureau.

Remember, you might be refused a loan with one lender but not with another, because lenders use different scoring systems to decide who they will lend to, so shop around.