As a consumer or business your credit history is regularly being tracked by credit rating agencies and the data that is collected is then provided to your remortgage broker. This information will include detailed account information which includes all your payment history, credit limits, and any actions that have been taken on overdue debts. If you have missed a payment or been late with a payment it will show up here.
When you look for a fast secured loan or re mortgage your credit rating is taken into account and those that have bad credit rating will find it very difficult to secure a cheap rate remortgage or loan.
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