We Are Not Able To Offer You A Loan

Because of the Information we have seen on your Credit Report

We know that you will be disappointed, but we are not able to offer you a loan at this time. Hoot can often lend to people with poor credit ratings but, as a responsible lender, we cannot offer credit to someone who appears to be unable to manage the credit they already have.

It may be that we have seen that you are not repaying your debt, or have so much debt that you can’t manage it, or it may be that you have started to miss repayments in the last few months.

Whatever the reason, we have seen something that makes us believe that lending to you will make your situation worse.

We are sorry we have been unable to offer a loan at this time.

Find out more about Credit Reports

What is a credit report?

Your credit report contains details about your past borrowing behaviour and gives a score. This score shows how you manage any debt you already have, and indicates whether you are likely to manage more debt or repay your loan.

The credit score varies. The higher the score the more likely that you will be considered low risk and therefore given a loan, or viewed favourably by a potential employer or property landlord.

We are not able to give you the full details of what is in your report but in some circumstances, we can help you get a copy of your report and tell you what information has made us come to this decision.

What is a Credit Report

How do I get hold of my credit report?

There are lots of things you can do to improve your chances of being accepted for credit but first, you should get hold of your report.

Your credit report is held by three companies (TransUnion, Equifax and Experian). Each holds slightly different information so it might be worth getting a report from each. Hoot Credit Union gets your report from TransUnion and can provide the application form you need.

Everyone has a right to get a statutory report for a fee of £2. Transunion can provide your statutory report here.

You can access your report for free from some sources, but you should be wary about where you get that from and what conditions are in place.

www.moneysavingexpert.com has information on accessing free credit scores.

When you get to the point where your credit score improves and we can see that you are managing the debt you already have, we may be able to consider lending to you.