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- Adverse Credit - an impairment to an individual’s credit file which can prevent
them from obtaining standard credit products.
- Bankrupt - a person who has been issued with a Bankruptcy Order.
- Bankruptcy Order - an order issued by a court in which an individual’s assets
are ceased to pay off their creditors.
- County Court Judgment (CCJ) - a judgment issued by a County Court in relation to
monies owed by one party to another that can appear on a person’s credit file if the debt
is not settled.
- Credit History - a file containing an individuals’ past and present borrowing
and records of repayments made and missed.
- Credit Rating - a score given to an individual based on their credit history that
lenders will use to help decide whether to lend them money.
- Credit Reference Agency - an agency that collects information on people’s credit
histories which are used to derive their credit scores. Lenders utilise credit reference
agencies when performing credit checks on individuals.
- Default - a situation in which a borrower misses a payment on their loan.
- Discharged Bankrupt - a person who has previously been issued with a Bankruptcy
Order who is released from bankruptcy. A discharged bankrupt may applied for credit but will
be severely limited regarding the products that are available to them.
- Light Adverse - a credit file with a small number of impairments.
- Heavy Adverse - a credit file with a large number of impairments.
- Loan Arrears - missed payments on a loan which can lead to adverse credit.
- Medium Adverse - a credit file with a medium level of impairments.
- Mortgage Arrears - missed payments on a mortgage which can lead to adverse
credit and possible repossession.
- Repossession - the legal process by which a creditor takes possession of a
debtors properly in lieu of the debt being repaid.
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Adverse Credit Mortgages