People experience credit difficulties for many varying reasons but one common aspect is that having a poor credit background can make obtaining finance a difficult task. At Just Mortgage Brokers our aim is not only to assist you with your mortgage arrangements but also to guide you on how you can improve your credit rating.
Many lenders use a system called credit scoring when you apply for a loan, and this takes many factors into consideration. One of these is your credit history. Bankruptcies, CCJs and defaults can impact on your rating however, even missed or late payments are enough for a lender to refuse your application.
The first thing to know is what is actually registered on your file. Getting your credit report is the first step to understanding what it is that may be affecting your rating. These can be obtained quite simply from a credit reference agency such as Equifax or Experian. This will also assist us, as knowing your exact information is paramount to obtaining the right mortgage. Contact us today for a free copy of your report together with a free lifetime subscription
It is not possible to change what has happened however here are a few tips on how you can start to improve your rating.
Contrary to a majority of beliefs, your address alone does not have an impact on your credit rating. Since 1993 credit has been viewed on an individual, not an address and as such an address can not be deemed as “black listed”. Even people with similar names should not have an impact. Fraud however is a completely different matter, and if someone has fraudulently used your name to obtain finance this is a criminal offence and must be reported immediately. As this can be a delicate and often time consuming exercise, it is worth collating as much documentary evidence as you can. This will be required to assist with any applications for credit you wish to pursue.
We hope this helps but please do contact us and one of our advisers will be pleased to discuss your plans for your possible mortgage options.
If you’re looking to make an enquiry with Just Mortgage Brokers, we will require a copy of your credit report. If you currently don’t have a copy, get one here