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As lenders become ever more competitive, there are great finance deals available for you. Whether you are searching for the best mortgage, loan, credit card or HP/Leasing deal, the ability to secure the best rate in the market is vital. Crucial to getting the best deal is your credit rating.
Free Mortgage Quote Quite simply, your credit rating affects your ability to borrow money. This is because lenders use your credit history and the information on your application form to calculate your credit rating so that they can make their lending decision. And your credit rating doesn't simply influence whether they will lend you money or not. It also impacts on other critical factors which have a direct influence on your financial circumstances and standard of living, including:
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So it's easy to see how, just by improving your credit rating, you can potentially save thousands of pounds. And, of course, the larger the loan, and the longer the time of the loan the more money you can save by getting the best deal. That's why, more than ever, your credit history should be treated as a valuable personal asset. Free Mortgage Quote
Credit Information - What does it all mean? It can be quite daunting if you've never looked at your own credit report and rating before. Indeed, most people are unaware of what information is held on them, and what effect this has on their credit rating. But once you have access to your Equifax Credit Report and Rating, you will receive advice and guidance from Equifax on every piece of information and the steps you can take to improve your credit rating. Free Mortgage Quote
The most important thing to check the first time you review your own credit report is that all the information is correct and up to date. Inaccurate or out of date information could mean that you find it more difficult to get credit or get the best possible deal. The information in your Equifax Credit Report comes from two sources. One is public information like the Electoral Roll and County Court Judgments. The other is information provided to Equifax by lenders and finance companies. Equifax and the other credit reference agencies work closely with lenders and finance companies to ensure that, as much as possible, all the information held is accurate and up to date. Free Mortgage Quote
However, this is your data so you also need to keep checking the information regularly. If you do spot any information on your credit report that is not correct, Equifax can help to resolve these discrepancies for you quickly and efficiently with its team of experts who provide online and telephone based Customer Support. The following tips are designed to help you understand the information in your credit report, and how it is used by lenders.
Are you registered? - Lenders use the Electoral Roll to help verify your identity by checking your name and address against the one given on the application. Check that you are registered to vote at your current address before making any further applications. Free Mortgage Quote
What's a 'credit search'? - A credit search is a record of a lender viewing your information when deciding whether to grant you credit. Searches show lenders that you have made applications for credit or services. A high number of credit searches on your credit report can ring warning bells for lenders because those searches might indicate that you are over-committing yourself. Not all searches are for credit purposes. If you are shopping around for the best credit deal, you won't affect your credit rating if, as is the case with many types of credit, the lender does not review your credit information to give you a quotation. However, if, for example, the interest rate being offered is dependent on your credit rating, then the lender will need to check your credit report. Under these circumstances, the lender should record a 'quotation' search, which will not affect your credit rating. Make sure you confirm with the lender what type of search is being undertaken when they access your information. Free Mortgage Quote
Do you think someone else's credit history is affecting you? - If you have had a joint finance agreement with a partner, sibling, friend or dependent, their credit history may affect your credit rating. If you no longer have any joint financial agreements, and you can prove this, you can remove the other person's credit information from your credit report by submitting a "Notice of Disassociation" to the Credit Reference Agencies. This can only be done once any joint accounts that financially link you have been settled. Are your past debts catching up with you? - Late payments on a credit account will have a negative effect on your ability to gain credit. And even if previous debts have now been settled, this information stays on your credit report for up to 6 years. However, many of us have had financial problems at some time in our life - student days, etc. - so there is the facility to place a 'Notice of Correction' on your credit report to inform lenders of the reasons for past problems. Lenders will see the note and take the information into account when making their decision. Free Mortgage Quote
County Court Judgments - County Court Judgments (CCJ's) will reduce your chances of being granted credit. However, if a CCJ has been paid within one month from the date it was issued by the Court then it shouldn't appear on your credit report at all. Planning to apply for credit? Be prepared! Whenever you make an application to borrow money, the lender will access your credit information to help them make the decision. Most people only worry about their credit report after their application has been declined. This can make a stressful and time consuming process even worse. But there are steps you can take before you apply for a mortgage, loan or credit card, to ensure that you are in the best possible position for your application to be approved, and help remove the worry and stress BEFORE you apply.
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Check your Equifax Credit Rating instantly, online to ensure your information is up to date and accurate. This information is used to determine if you can borrow or not so it is vital these details are right.
· Use Equifax's Help pages to understand how lenders view your information, and get educated on how important things like registering on the Electoral Roll, or making too many applications in a short space of time, can affect the decision they make about you. The Equifax Credit Rating allows you to access all the information lenders see, and most critically, allows you to check that information is accurate and up to date. Problems can occur when an existing lender inadvertently provides wrong information about you - for example, showing an account in arrears, when you've always paid on time. Free Mortgage Quote
So if you want to avoid a nasty surprise, you can check out your credit rating now, instantly online credit checker. Free Mortgage Quote
Telephone:01424 851183 uk only
Office hours 9:00am - 6:00pm Mon - Fri
Sat - Sun closed
Bank Holidays closed
Mortgages Made Simple is an appointed representative of Genesis Home Loans plc, which is authorised and regulated by the Financial Services Authority for the conduct of non-investment insurance and mortgage business. Second charges, commerial loans and buy-to-let mortgages (where the resident is not related to the borrower) are not subject to Financial Services Authority regulations.