Credit History

Individuals who have no previous or current credit agreements can find it difficult to obtain credit as lenders are unable to assess from their credit history whether they are a good risk. Self-employed individuals sometimes also find it difficult to obtain credit, as their earnings are not guaranteed.

Some lenders offer products designed to allow borrowers to improve their credit rating. In general the terms of these products are not as attractive as those of the products offered to applicants with an established credit record but they afford new borrowers the chance to build a credit history.