Loan applications and the credit impact?
It’s crucial that you consider the overall impact on your credit file of applying for a loan.
CreditMyFunds™ is a responsible lending network. To ensure we find the right loan for you, we carry out soft credit searches and identity verification checks. These checks ensure that you are who you say you are, that you have a permanent address and that you can afford to repay any approved loan funds. Loan decisions are made based on the information you provide us with, and the results of the soft credit search. Searches and identify verification typically do not cause credit score impact. A soft credit search won’t appear on your credit file and isn’t visible to other financial organisations now, or in the future. These checks are intended to determine credit worthiness, credit standing and credit capacity.
Do late or missed payments impact credit score?
If you do not meet your contractual repayments as set out in your loan agreement, your lender may report your late or non-payment to one or more of the Credit Reference Agencies. This can have a negative impact on your credit score and seriously reduce your ability to obtain credit in the future.