Credit reports, mortgages and being generally clueless

Strawberry_jam

Hi all,

I am a frequent lurker but new poster and wondered if you lovely people could offer me some advice.

I want to buy in to a shared ownership house, 35% for £60,000. I have a 10% deposit which is a gift from the bank of mum & dad. I am full time employed as a key worker and earn 31,000 plus over time and London weighting.

I had adverse credit when I was student which is almost 8 years ago now. I accessed my credit report from equifax (good) and experian (poor) and neither had any adverse history recorded on them, just 1 late payment in Dec 2012. Having looked at advice on here I yesterday looked at my call credit report and found where all the bad news has been hiding 2 defaulted accounts with Lloyds TSB one for £2000 and one for £1000 both have been settled in August 2011 and Dec 2012.

It's so disappointing that they go from the date they were settled and not the date I defaulted as the actual default is way older than 6 years, it's just that I paid back in monthly instalments.

Does this completely ruin all chances I have of getting a mortgage? Is it possible to know which company's lenders check with as these settled accounts do no not show on experian or equifax?

I run my accounts well now, I have a car on HP and a credit card and all payments have been made on time. In terms of affordability criteria I have been told I can well afford my £54,000 mortgage.

I have been to an independent broker but when I went having seen my experian and equifax report I told him about my previous credit issues as a student and he thought they had probably expired now. I know the most sensible advice will be to go back and see him again and I will, but in the mean time, before it drive myself totally nuts, I wondered if anyone could see any light for me?

With hugest thanks in advance

andynclaire

defaults are removed from your credit report 6 years from the date of default not the date they were settled

ReformedShopper

When you go to a broker, he will hopefully have the experience & background knowledge to place your application with lending institutions that do not use Call Credit as a reference. To be honest, Call Credit are probably the least used Credit Reference Agency. Most of the major institutions use Experian or Equifax, or sometimes both.

Strawberry_jam

Thank you good to know I can still hope

Thrugelmir

Strawberry_jam wrote: »

It's so disappointing that they go from the date they were settled and not the date I defaulted as the actual default is way older than 6 years, it's just that I paid back in monthly instalments.

Which would make credit reports valueless. Along with making repayment of debt a low priority for borrowers.