How can I check my credit file?
Many people find they are turned down for mortgage appllciations or other credit and they don’t know the reasons why.
It could be that there is a mistake on their credit file. So, here’s what you have to do.
To get your credit file, all you have to do is contact one of the three main credit reference agencies - Experian, Equifax or Callcredit. By law they have to provide you with your report and the charge for it is currently two pounds.
With Experian and Equifax you can request a paper copy to be sent to you by applying on line - their sites are at www.experian.co.uk and www.equifax.co.uk With www.callcredit.co.uk there is a form at their site which you can print out and fill in along with a £2 cheque or postal order.
If you’ve been rejected for a loan, it could be that you don’t match the customer profile for that product or that you already have too many credit accounts - even though you may be making all your repayments on time.
On the other hand, by not having taken out any credit in the past, you can negatively affect your credit rating – your lack of any payment or credit history can result is a low score. This is a particular problem for people who have not had a UK account or lived at a UK address for a long time.
If you are rejected for a mortgage, ask the lender why – and hold fire on making lots of other applications via other lenders as multiple “foot prints” on your file may damage your rating more.
When you have got the credit file, check that all details are correct. It’s very rare, but it can happen that another person’s credit report may have been mixed up with yours. Even worse that that, you may be the victim of identity theft.
If things are wrong tell the the credit reference agency, who will talk to your lender and highlight the item as disputed. You may also be able to put a "notice of correction" explaining your current financial status – and the reason - which any future lender considering any further applications will see.
If you have had a joint account with someone who has a poor credit record, this will affect you, so if you no longer financially dependent or sharing a joint agreement, tell the agency and they should be able to disassociate you from that person.
Other things you can do are make sure you are registered on the electoral roll at your current address and make loan and card repayments on time.
Also, pay off any old debts including county court judgments and close dormant accounts because lenders look at what your available credit is, even if you are not using it.
If you need more advice on your credit file or buy to let mortgages in general please ask me. I’m David Lawrenson from property investment advisors www.lettingfocus.com
I’m the author of the buy to let book “Successful Property Letting - How to Make Money in Buy to Let” the UK’s top selling property title.
I’m an expert on property investing for profit and a well known property freelance writer and I contribute to newspapers and a host of property websites, write a property investment blog and run a landlords advice service - check out my columns for FinancialExpress.net and Archant’s “The Guide” magazine
I also work as a consultant helping banks, building societies, housing associations and web portals with their buy to let and property products and services.
You can read more of my property investment blog and details of my networking, advice, property networking programme at my website www.lettingfocus.com.
My next London landlords networking meeting is on March 12th. Click here for details: Property Investment Advice
What’s unique about lettingfocus.com is that we offer independent property mentoring because unlike most people in the buy to let and property “advice” business we are not linked to a property company, developer, agent or bridging loan financier and do not receive commissions from any of these sources.
If a property investment is lousy – We’ll tell you straight and we will tell you all about buy to let and property investment - the good and the bad and we won’t make silly promises that you’ll become a millionaire overnight.
Copyright: David Lawrenson 2007. This blog is updated at least twice a week. Permission must be sought before using the material in the blog.
It could be that there is a mistake on their credit file. So, here’s what you have to do.
To get your credit file, all you have to do is contact one of the three main credit reference agencies - Experian, Equifax or Callcredit. By law they have to provide you with your report and the charge for it is currently two pounds.
With Experian and Equifax you can request a paper copy to be sent to you by applying on line - their sites are at www.experian.co.uk and www.equifax.co.uk With www.callcredit.co.uk there is a form at their site which you can print out and fill in along with a £2 cheque or postal order.
If you’ve been rejected for a loan, it could be that you don’t match the customer profile for that product or that you already have too many credit accounts - even though you may be making all your repayments on time.
On the other hand, by not having taken out any credit in the past, you can negatively affect your credit rating – your lack of any payment or credit history can result is a low score. This is a particular problem for people who have not had a UK account or lived at a UK address for a long time.
If you are rejected for a mortgage, ask the lender why – and hold fire on making lots of other applications via other lenders as multiple “foot prints” on your file may damage your rating more.
When you have got the credit file, check that all details are correct. It’s very rare, but it can happen that another person’s credit report may have been mixed up with yours. Even worse that that, you may be the victim of identity theft.
If things are wrong tell the the credit reference agency, who will talk to your lender and highlight the item as disputed. You may also be able to put a "notice of correction" explaining your current financial status – and the reason - which any future lender considering any further applications will see.
If you have had a joint account with someone who has a poor credit record, this will affect you, so if you no longer financially dependent or sharing a joint agreement, tell the agency and they should be able to disassociate you from that person.
Other things you can do are make sure you are registered on the electoral roll at your current address and make loan and card repayments on time.
Also, pay off any old debts including county court judgments and close dormant accounts because lenders look at what your available credit is, even if you are not using it.
If you need more advice on your credit file or buy to let mortgages in general please ask me. I’m David Lawrenson from property investment advisors www.lettingfocus.com
I’m the author of the buy to let book “Successful Property Letting - How to Make Money in Buy to Let” the UK’s top selling property title.
I’m an expert on property investing for profit and a well known property freelance writer and I contribute to newspapers and a host of property websites, write a property investment blog and run a landlords advice service - check out my columns for FinancialExpress.net and Archant’s “The Guide” magazine
I also work as a consultant helping banks, building societies, housing associations and web portals with their buy to let and property products and services.
You can read more of my property investment blog and details of my networking, advice, property networking programme at my website www.lettingfocus.com.
My next London landlords networking meeting is on March 12th. Click here for details: Property Investment Advice
What’s unique about lettingfocus.com is that we offer independent property mentoring because unlike most people in the buy to let and property “advice” business we are not linked to a property company, developer, agent or bridging loan financier and do not receive commissions from any of these sources.
If a property investment is lousy – We’ll tell you straight and we will tell you all about buy to let and property investment - the good and the bad and we won’t make silly promises that you’ll become a millionaire overnight.
Copyright: David Lawrenson 2007. This blog is updated at least twice a week. Permission must be sought before using the material in the blog.
Labels: How can I check my credit file?
This entry was posted by lettingfocus, on
Sunday, December 16, 2007.
