Understanding Your Credit Rating
Your credit rating is important. As most credit providers will review your credit file as a part of their application process, the effect of having a poor credit rating is substantial; it could mean you find it very difficult to secure credit. While there are credit providers who specialise in bad credit loans, the cost of these products are generally very high when compared to more mainstream loan options.
Many people with a poor credit rating describe their position as being in “credit prison”. This is because they are unable to obtain credit and therefore unable to achieve their financial goals.