Credit Report

A credit report provides a comprehensive breakdown of personal and financial information related to an individual.

Information is reported by financial organisations to credit reference agencies Experian, Equifax and TransUnion. Credit reference agencies store information which can be viewed by other financial organisations when you make an application for any form of credit.

Mortgage lenders perform a credit check which allows them to view the content of your credit report, as part of the mortgage application process. The content of your credit report is a major factor which determines mortgage availability. Mortgage lenders are not concerned with any third-party credit score.

Information recorded on a credit report relates to address history, credit commitments (eg: car finance, personal loans, credit cards), payment history, electoral roll information, financial associations, credit search activity, court information, debt arrangements, insolvency records, aliases and information from the credit industry fraud avoidance system (CIFAS).

Mortgages are available for individuals who have experienced adverse credit issues. Availability is dependent on the circumstances and each lender has different criteria in relation to adverse credit issues.

Common instances of adverse credit include the following:

  • Missed/Late payments
  • Defaults
  • County Court Judgments (CCJs)
  • Individual Voluntary Arrangements (IVAs)
  • Bankruptcy

It is recommended to be aware of the content of your credit report before applying for a mortgage.

Knowledge of the content of your credit report allows accurate reporting of credit commitments on a mortgage application.

Undisclosed or inaccurate reporting of credit commitments can cause your mortgage lender to reduce the amount you can borrow or decline your application.

Checkmyfile provides a multi-agency credit report, collecting data from leading credit reference agencies Experian, Equifax and TransUnion. Checkmyfile is available free of charge as part of a initial 30-day trial period. A subscription fee of £14.99/month is charged for continued access. The subscription can be cancelled at anytime.

Your Credit Report can be downloaded from Checkmyfile via the below link.

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