Credit Report Update Duration...?

delveh

Hi All,

So, my first couple of questions are as follows.

1. I have some debts outstanding which i shall be paying in full this week. How long does it take for this information to be updated to my Credit File??

2. I've checked my credit score and its "fair" (776/1000) through experian which advises this is the national average. If my debts are cleared will this assist in the "upping" of my credit score??

Many thanks in advance

bottleofred

Hi Delveh and welcome to the forum,

Normally credit files are updated every 4-6 weeks, although this can vary from agency to agency. If any of your debts are defaults on your credit file, this will make little difference initially, but will help that they are settled in around 2-3 years time.

delveh

Ok, i've never defaulted on my loan and have been upto date with All payments with all creditors.

Currently looking for a mortgage with my girlfriend and between us we have less than 3k debt to clear this week then 1800 outstanding which will be cleared asap.

Seems mortgage companies dont want to lend even with. 15% deposit for. 106k house.

Any tips guys?

jadex

delveh wrote:

I've checked my credit score and its "fair" (776/1000)

And why do you care about this?
It basically means nothing more than artificially created number as they (Experian) are not a lender and you will not get a mortgage from them.
Only lenders can assess you and lend you (or not) money.
You can have 900 credit score and get nothing and you can have 500 and get a nice deal.
Besides, your lender can use other CRAs and the most probably National Hunter as well and all lenders have their own credit score systems which are not disclosed to the public.
I hope you didn't pay for Experian's credit score. It's not worth it.