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How does this affect my application?
All providers use this information as an indicator of your ability to meet your new commitment. It also provides a good indicator of whether you are under financial pressure.
As an example, if a mortgage lender views a report and sees that all of the cards and overdrafts are right up to their limit and there are a number of late or missed payments in the last 2 years, then they might consider that a large monthly payment for a mortgage would be too much.
On this basis they could look to refuse the loan as unaffordable.
Equally, if they see a customer with well run accounts and no issues with credit then this enhances their assessment and is more likely to lead to an approved loan (subject to all of the other factors being approved of course).
This information, along with an assessment of your application (known as credit scoring), helps form the decision to lend for any provider.
Where can I find more information on my credit rating?
There are 3 main providers for this information:
Experian - also known as Credit Expert
Under the various acts all of these have to provide you your own report for a nominal £2. Full details can be found on their websites or contact us if you need any more help.
What do they show?
Each provider and account type can show a different breakdown. Some of the key information displayed will be:
- What it is - i.e. mortgage, card, bank account
- Any relevant limit - i.e. overdraft or card limit
- Current Balance
- Whether it is live or closed (and if closed what date it was closed)
- Your payment history - this includes whether payments were made on time, in arrears or defaulted
- Any arrangements to pay
They will also, for certain accounts, breakdown the amount owed, minimum payment expected and payment made each month.
This usually covers all addresses for you and will cover the last 6 years.
In addition to the above they can also show:
- Any linked addresses
- Any financial relationships - i.e. joint accounts and who the other account holder is
- Any County Court Judgements
via our contact us page and we will call you back to discuss this.
How can I find out more?
Credit Reports are a detailed breakdown of your previous experience with any form of credit or financial products.
This will include:
- Bank Accounts (but not savings accounts)
- Credit Cards
- Store Cards
- Mobile Phone contracts
and some now also show your payment history on your utility bills as well.
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