Credit Report
A credit report shows you the last six years of your credit history. It will contain details of credit products you have applied for including mortgages, loans, credit cards, overdrafts, etc. Some utility and mobile phone providers will also be shown. It will have details of your address history, whether you're on the electoral roll and details of anyone you've taken out a joint credit product with.
Within your credit report, you will have a credit score. This is the result of a mathematical algorithm applied to a credit report and other sources of information to predict future likelihood of you making repayments should you borrow again.
Checking your credit file is really important. We would recommend you do this prior to applying for a mortgage, especially when you have bad credit. Credit reports provide you with the knowledge and information you need, as opposed to just your credit score, putting you in the position of being able to manage and understand your credit history and how it impacts on your financial future. You should check your credit file, as lenders will look at this in great detail.
What you may find surprising, is that not all credit agencies display the exact same information on your credit file. This could result in you checking your credit file with one credit agency, which looks great but then you still end up being declined. The reason this can happen is the reporting firms and banks provide information to different credit agencies.
One credit firm may report to Experian with another credit firm reporting to Equifax. A report from Experian may not highlight any adverse credit issues and then your lender may check a report with Equifax which does show credit issues, resulting in a declined mortgage application.
In an ideal world, you would check with the three main credit reference agencies which lenders generally use. These are Experian, Equifax and TransUnion (formerly Callcredit). This is for the reasons above, so you know exactly what lenders may find and use. Check My File allow users to check all three credit files at the same time, in addition to a credit report from Crediva (a further credit reference agency) - giving more detail than any other credit report product.
Within your credit report, you will have a credit score. This is the result of a mathematical algorithm applied to a credit report and other sources of information to predict future likelihood of you making repayments should you borrow again.
Checking your credit file is really important. We would recommend you do this prior to applying for a mortgage, especially when you have bad credit. Credit reports provide you with the knowledge and information you need, as opposed to just your credit score, putting you in the position of being able to manage and understand your credit history and how it impacts on your financial future. You should check your credit file, as lenders will look at this in great detail.
What you may find surprising, is that not all credit agencies display the exact same information on your credit file. This could result in you checking your credit file with one credit agency, which looks great but then you still end up being declined. The reason this can happen is the reporting firms and banks provide information to different credit agencies.
One credit firm may report to Experian with another credit firm reporting to Equifax. A report from Experian may not highlight any adverse credit issues and then your lender may check a report with Equifax which does show credit issues, resulting in a declined mortgage application.
In an ideal world, you would check with the three main credit reference agencies which lenders generally use. These are Experian, Equifax and TransUnion (formerly Callcredit). This is for the reasons above, so you know exactly what lenders may find and use. Check My File allow users to check all three credit files at the same time, in addition to a credit report from Crediva (a further credit reference agency) - giving more detail than any other credit report product.
Check my File, allows you to see your data from 4 Credit Reference Agencies and are the highest rated on Trustpilot.
You can try it FREE for 30 days, then £14.99 a month (you can cancel anytime)
Click here for more information or to apply * :
You can try it FREE for 30 days, then £14.99 a month (you can cancel anytime)
Click here for more information or to apply * :
* You are now departing from the regulatory site of Hadley-Clarke Mortgages. Neither Hadley-Clarke Mortgages nor PRIMIS Mortgage Network is responsible for the accuracy of the information contained within the linked site.
Is your Credit Score not as high as you would like?
To find out more about factors that could be having a negative effect on your credit report, see our page Improving Your Credit Score
Contact us by telephone: 07748 800587, email: advice@hcmortgages.com, or via our contact form.