Chance of Mortgage with Bad Credit History..

sportbeth

Something I wasn't aware of... contrary to popular belief not all mortgage lenders use Experian to credit check, Intelligent finance told us they use Equifax and as long as I am marked as satisfactory then they will consider me.

Unfortunately I checked Equifax prior to going with them to save embarassment and lo and behold, a debt collector has taken my money, confirmed settlement in writing and nipped off without telling Equifax that it's sorted. But might help someone else to know this info

HelpWhereIcan

sportbeth wrote:

a debt collector has taken my money, confirmed settlement in writing and nipped off without telling Equifax that it's sorted. But might help someone else to know this info

Hi sportbeth. Sorry to hear that it has not been updated to show as satisfied. However, if you have confirmation in writing of settlement, there are prime lenders who will accept this as evidence and may well ignore it (depending on the rest of your profile).

Have you investigated disputing the information with Equifax and providing them with a copy of the letter - after all, you have the right to dispute inaccurate information and have it corrected. Have yo checked your Experian file? If it shows as satisfied on Experian, you may be able to get a lender to do a second search on Experian rather than just relying on Equifax (some can/will use both or either). Alternatively, it may mean that you should just use a lender that uses Experian only.

Hope this helps

sportbeth

I've done the online dispute with Equifax, but it's also kind of the straw that has broken the camels back for me! I had a bad time in 2004 when I was not paid by some cowboy that employed me and so I knew there would be some black marks even without this issue. No CCJ's or anything. I have put a notice of correction on there explaining the circumstances so I will wait and see what that achieves in the future.

My other half and I have decided that the best bet as I don't know what sorting this will achieve, is for him to apply for the mortgage, and then for me to wait 2-3 years until I can really prove a good credit file, then we can switch mortgage and get me on it. In the meantime I will just pay towards the mortgage each month but just not have my name on it.

Another reason for this is that although I might just scrape through the vetting on a mortgage, I dont want a financial association with me to mean that he can't get a good deal on a credit card or car finance in the very near future if we need it.

I also had an old credit account on there with a balance showing but I knew that I have paid it. I'm darned if I have any records to demonstrate this though! So I think a few years of being a bit lapsydaisical with my finances have finally caught up with me! I'd bet though that a lender would look at a default showing up still with an old balance would put them off me.

welshlass111

Hi again everyone,

I just got my credit report back from experian and I discovered that when I had my bad debt one actually went to court and so now I have a judgement against me which is being paid off as part of my Debt Management PLan with the CCCS - i was unaware it had gone to court.

I expect that this makes my application for a mortgage a bit trickier - anyone know how much more difficult this makes my situation?

If HelpWhenICan is out there, could you reply to this please?!?!

Thanks a lot...