How to Access a Copy of Your Credit File
When applying for a mortgage it is important that we are in possession of a copy of your credit file, so that we can assess which lenders are likely to accept your application based on your credit profile and the lender’s criteria around the level of adverse credit entries such as defaults and County Court Judgements which they will accept.
Being declined for a mortgage leaves a footprint on your credit score. The more of these you have, the less desirable you are to potential lenders. After all if 2 or 3 other lenders have declined your application, this may make you look more of a risk.
Armed with your credit file, we can assess which products are going to be the most suitable for you. Meaning you are more likely to be accepted and at the best rates available to you and your circumstances.
Which credit reference agency should I apply to?
We normally recommend that clients provide their checkmyfile credit file which can be applied for at www.checkmyfile.com. All you need to provide are some personal details and answer some security verification questions.
This credit file contains details of the four main credit reference agencies all in one place. This allows us to see an accurate picture of your overall credit profile, rather just from one credit reference agency, as it is very common to see entries on one credit file which are not on the others, potentially resulting in us making an application to a lender who will not accept your credit profile.
How much does my credit report cost?
With checkmyfile you get a 30 day free trial to use the service. If you decide you no longer need it, you can cancel without any charge during the trial period. If you choose to continue with your account the monthly subscription fee is £14.95.
How can I improve my credit rating?
In order to maximise your credit profile you should keep your regular/minimum monthly payments up to date on all your credit agreements. For example a missed or late payment on a credit card will be visible to mortgage lenders and may not be seen in a favourable light.
This doesn’t mean that the odd late payment on a credit card 12 months ago will affect your chances of getting a mortgage. However it might mean that some products will be more difficult to get accepted for. If any of your current credit agreements, including utility accounts, are in arrears it is advisable to bring them back up to date if possible before going ahead with a mortgage application.
Will I be accepted for a mortgage?
Until we have spoken to you in detail to confirm your income details, available deposit funds and reviewed your credit file, we cannot confirm if we are able to secure a mortgage approval for you. We do however commit to searching the marketing for a suitable product for you, regardless of your credit history, and will provide you as much guidance and support as we can throughout the whole application process.