Getting a lender to agree to give credit to a consumer may not always be that easy, especially if they are held to have "no credit." Lenders do need to check their risks here and will generally look at a consumer's credit history to do this. They like people, for example, whose record shows responsible money management. Those with a few financial products on their record that they have always paid in time will generally be seen as a good risk.
On the other hand, those who have made late payments, defaulted on agreements or who have a specific debt issue listed on their record are seen as a bad risk. But, these aren't the only people who may be given a bad credit label. People with no credit may also look risky to lenders and this can affect their ability to borrow money and to be approved for credit-based agreements.
What is No Credit?
A person with no credit will essentially have hardly any or often no financial products at all listed on their credit history. If they, for example, have no mortgage, have never taken out a loan, use a PAYG mobile and have no credit card then they will have virtually nothing to show on their record.
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