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What is the best credit report for getting a mortgage?
Different people will have their own views on which website is best to use to get your credit file.
In our view, we believe Check My File to be a very important resource when it comes to obtaining your credit report.
The reason is, it does not just show you data from one credit reference agency.
Check my file shows data over a 6-year period from credit reference agencies such as Experian, Equifax and Transunion.
The reason that this is important is because you may not know which reference agencies your lender will be feeding into when they are credit checking you for a mortgage.
The data that is held on you can differ across the credit reference agencies depending on how a creditor has reported back credit conduct to them.
This means that there may be adverse data showing on Equifax which is not showing on Experian.
What your credit file looks like across the different agencies will give you a fuller picture of what lenders can see.
Check My File will also offer you a free trial allowing you to download a copy of your credit report without being charged, as long as you cancel your membership within the correct amount of time.
What should I do when I get my credit report from Check My File?
If you are working with a mortgage adviser, you should pass them a copy of your Check My File credit report for them to assess.
If there is adverse data showing on your credit report, your mortgage adviser will need to know in order to place your mortgage application.
They will also be able to explain to you the data in more depth, if there are records of bad credit showing on your file.
What would happen if I don’t cancel my free trial with Check My File?
At the time of writing, Check My File offer a free trial for 30-days. This allows you to review your credit score and pass your report onto your mortgage broker.
If you no longer wish to have your account, you can then cancel within this period so that you are not charged going forward.
You may however wish to keep your account active so you can keep a close eye on your credit going forward.
This may help you to get credit agreed in the future, if you are proactive in making sure that everything is paid on time.
If there is adverse data on my credit file, can I still get a mortgage?
If you have bad credit showing on your report, it may still be possible to get a mortgage.
It will depend on what the bad credit consisted of and many other things such as your deposit amount, income, liabilities and more.
Adverse credit could include county court judgements, bankruptcies, individual voluntary arrangements, arrears, missed payments and more.
This is why it is important to find an experienced mortgage adviser that can understand your credit report to look into the options available to you.
It may be that you need a specialist lender that caters for people with adverse credit. Depending on the adverse credit, the High Street may still be a possibility.
Your mortgage broker would need to advise this once they have a full understanding of your situation.
Conclusion
Check My File is a great resource for looking into your credit conduct. This is because it provides detailed history across 3 major credit reference agencies.
They will also offer you a free trial allowing you to cancel it within this time, or keep it so you can remain aware of your credit conduct going forward.
If you are taking the mortgage at this time, pass your credit report to your mortgage adviser so they can look into your options.
If you would like I NEED ADVICE to match you with a mortgage adviser that can assist with mortgages for people with adverse credit, please complete the contact form.
They are experienced, which can boost your chances of being approved.
