Why is my credit report important to a mortgage application? From your local Cambridge Adverse Credit / Impaired Credit Mortgage Broker.
August 15th, 2016
When we apply for a mortgage for you, lenders will review your credit report and score to help to decide whether they are willing to lend a mortgage to all applicants.
The first step when thinking about mortgages may be to acquire your Credit File to assess how your credit score is looking.
Your credit file will list credit history details about you over the previous 6 years, such as mortgages, unsecured debt – credit cards, loans, car finance, overdrafts, mobile phone contracts and utility contracts, such as gas & electricity. In addition, your credit file will give details of your payment history for this credit agreements.
The most widely used credit file checking agencies that lenders use are Equifax and Experian, although there are other agencies available.
NB: Checking your credit file in excess could adversely affect your credit score. You may be charged by credit file agencies for accessing your credit file.
To discuss your credit score/history and any impaired credit / adverse credit that is listed as to whether you could acquire a mortgage, please feel free to contact your local Cambridge Adverse Credit / Impaired Credit Mortgage Broker.