Decline in the credit status of a prospective borrower.
As a result of past arrears, bankruptcy, CCJs, etc. a person could have a less than perfect track record of credit usage. This will have the effect of lowering their credit rating.
Result of a borrower's reduced credit rating. Source
This refers to the credit rating of an individual who may have CCJs or maybe behind with payments to personal loans or a mortgage. This phrase is also applicable to someone who has been declared bankrupt.
Impaired credit mortgages are specialist loans for customers whose credit problems disqualify them from using mainstream lenders' standard products. Some lenders specialise in loans like these, which are also known as adverse credit loans.
The deterioration of a borrower's credit rating.