What can a lender see?

bbk87

Hi all.

My partner and I are looking to buy a property in about 6 years time.

I've been looking through the first time buyer guide on this site, and it got me thinking as to what kind of information a lender can see on the credit file.

We both have defaults, but they will have dropped off credit files by the time we come to apply for a mortgage - does this mean that the lender cannot see these?

Also, would it be the same with things such as missed payments, even if the account remains open 6 years + after the missed payment marker occurred on the file?

Thanks

Hazzinho

Lenders see everything for the past 6 years if you've missed payments on accounts that will still be open in 6 years only the past 6 years history will display. Best to view your credit files at least once a year especially leading up to your mortgage application. Just a note that lenders you've defaulted with can keep it on their record forever if they want.

Should probably add they can see public info Electoral Roll,CCJ's, insolvencies etc as well as CIFAS if fraud is committed by you or if there is ID fraud. Being on Electoral Roll is very important.

bbk87

Hazzinho wrote: »

Lenders see everything for the past 6 years if you've missed payments on accounts that will still be open in 6 years only the past 6 years history will display. Best to view your credit files at least once a year especially leading up to your mortgage application. Just a note that lenders you've defaulted with can keep it on their record forever if they want.

Should probably add they can see public info Electoral Roll,CCJ's, insolvencies etc as well as CIFAS is fraud is committed. Being on Electoral Roll is very important.

We are on the electoral roll.

We both have defaults, but I thought once the 6 years had passed they came off your credit file?

Hazzinho

The defaults drop off 6 years from the default date.

bbk87

Hazzinho wrote: »

The defaults drop off 6 years from the default date.

So when they drop off, future lenders won't be able to see them?

Hazzinho

Yes that is correct but as I say lenders you defaulted with might keep a record of it but they don't share this with other lenders.