"Commercially sensitive" information is how financial institutions often describe the reasons why someone who has applied for credit has been refused. This can be frustrating for borrowers.

But, in general, the Irish Bankers' Federation's publication Shopping for Credit says credit providers assess applicants on each of the "four Cs".

These are:

Character: how dependable is the applicant?

Capacity: is the applicant currently in a position to repay, and more especially, will that remain the situation throughout the credit contract?

Creditworthiness: how has the applicant handled credit in the past and how might this affect future credit agreements?

Collateral: what assets can the applicant pledge as security for the loan, if this is considered necessary?