Have you ever wondered how Mortgage Lender decides on whether or not to offer you your mortgage?
Besides their own way of assessing you and your affordability, one of the main tools they all use is checking your Credit Report. Your credit report tells them all about your credit history and the quality of your Credit Score will help them with assessing on how much of a risk lending to you will be if any.
Your Credit Report is a summary on how you manage your finances. It will list all active and closed credit accounts for the past six years. It will show if you make your repayments on time, show any missed payments or defaults, whether you are registered on electoral roll, whom you are financially associated to, if you’ve declared bankruptcy or been given a CCJ.
Which is the best Credit report?
Checkmyfile credit report is one of the most popular in the market. It combines data from Experian, Equifax and TransUnion. So, rather than comparing them all separately, try it FREE for 30 days, then £14.99 a month – cancel online anytime.
Obtaining Credit Report is an ideal way to see what information is held about you. You will be able to see what mortgage lenders see when they check your Credit Report for mortgage application and if anything is incorrect, it will give you the opportunity to make changes if some information is incorrect.
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