See what the lenders will see and avoid any nasty surprises
Need Your Credit Report?
Why should I get my Credit Report?
The Mortgage Gurus advise all clients to obtain a copy of their credit report prior to applying for a mortgage.
It is important to know what information the credit agencies currently hold on file and so avoid nasty surprises.
What information will my Credit Report show?
Electoral role information
Currently held and previously held bank accounts
Current and previous employers may appear
Loans, credit cards and other finance currently held or previously held in the last 6 years
Any late or missed payments in the last 6 years covering credit, finance, utility bills, mobile phone payments etc
Bad credit history such as CCJs, IVAs or bankruptcies
The report will also detail previous background searches, applications for credit or finance.
Will obtaining my Credit Report affect my ability to get a mortgage?
No - When a persons credit history is searched, a permanent note is recorded on the credit profile. This is called an 'Enquiry Footprint' and is for security purposes. It is important that we can see who has been searching our credit profiles. Credit referencing agencies leave an 'Enquiry Footprint' that does not affect a persons ability to obtain credit.
When we apply for credit; such as a loan, credit card or mortgage, a 'Heavy footprint' can be left on our credit profile. Multiple Heavy Footprints in a short time period can affect a persons ability to obtain credit. An applicant declined by one lender will have a reduced chance of being accepted by another lender.
For this reason The Mortgage Gurus require all applicants to obtain their own credit reports prior to applying for a mortgage. There may be something showing on your report that you are unaware of and may only discover after being declined by a lender.
The 3 main referencing agencies that lenders will use when conducting credit checks - Equifax, Experian & TransUnion.
Different lenders use different agencies, so it can be beneficial to see the information that each agency currently holds.
We recommend CheckMyFile as they are the only company that simultaneously draws information from all 3 of the big referencing agencies. A simplified, easy to read report is then generated for you, containing information from all 3 agencies.
CheckMyFile currently have a 30 day free trial for customers.
Click the button below to be taken to their website for more information.
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