Credit rating after mortgage arrears

Pugrus

Hi, looking for some advice. We had mortgage arrears of a few months a couple of years ago. We set a agreement with lender and kept in constant contact. We paid of the arrears a few months ago and just wondered how long this would effect credit rating and how badly. The only other thing was a loan with our bank which ended in May but the bank have said they won't lend to us with the info they currently have, although they have not done credit check. Many thanks for any answers

The_Boss

You don't have a credit rating.

Have you checked your credit files? If so, what data is recorded there about the account in question?

If not, then apply for the free trial from Experian (creditexpert.co.uk) and Equifax, remembering to cancel before the one month is over or you will be billed. Also ignore the 'scores' as they are irrelevant made up random numbers,

thebritishbloke

If you're asking how long this will affect lenders decisions for, then probably 6 years as that's when it drops off. However, if you don't miss any payments for the next year or so, it will have minimal effect, if any, on your ability to obtain credit.