Frequently Asked Questions

  1. Home
  2. FAQs
  3. Being a Guarantor
  4. Do guarantors get credit checked?
  1. Home
  2. FAQs
  3. Credit File
  4. Do guarantors get credit checked?

Do guarantors get credit checked?

Yes 📝

Your credit file is checked when the signed completed application is sent to the lender.

  • When the borrower gets loan quotes using the Loan Apply Form, you (the guarantor) are not credit checked at this stage.
  • A key part of the loan approval process is checking the loan backer’s credit history is clean.
  • Your credit history dates back six years and the lenders are looking for missed payments, defaults or CCJ’s.
  • The credit search also looks for local electoral registration, and other relevant financial associations.

When the lender does their credit check this shows up on your file:

This generally is not a problem unless you do make multiple applications in quick succession, lenders do not like seeing this as it implies that you have had multiple rejections.

 


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