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Credit report check

I'll be looking at applying for a mortgage in the next 12-18 months or so and figured I would check my credit reports. While I can understand the content I don't/can't understand it from a lenders point of view.

Does anyone (MA, broker?) provide a credit report checking service, basically giving the lay of the land, what doesn't look good, how to improve and so on?

I know I could walk in to a High Street bank and speak to the advisor but I'm assuming they wouldn't book an appointment for someone that wasn't actually looking at doing any business with them in the foreseeable future.

Ps. Did a forum search but couldn't find anything recent.

Comments

  • kingstreet
    kingstreet Posts: 39,335 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    It's too far in the future to warrant credit file checking now.

    Basically, you are looking for negatives such as missed/late payments, defaults and court judgments.

    They normally show as red or yellow, instead of green.

    Make sure you study all three versions of your file as yes, they can all contain different data.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • Herbieb
    Herbieb Posts: 18 Forumite
    Hello, I'm not an MA or broker but from what I gather the following are important on a credit report:
    1. Low usage of available credit
    2. Address history and electoral roll register
    3. No CCJS/defaults on payments
    4. Low number of credit accounts (as means potential credit to spend and debt to run up)
    5. Think pay day loan entries will be questioned

    The above contribute to your score but I think this is also what the underwriters look at to calculate their 'score' based on some criteria.

    As I say though - you probably need input form a professional :)
  • Opinion
    Opinion Posts: 401 Forumite
    kingstreet wrote: »
    It's too far in the future to warrant credit file checking now.

    Basically, you are looking for negatives such as missed/late payments, defaults and court judgments.

    They normally show as red or yellow, instead of green.

    Make sure you study all three versions of your file as yes, they can all contain different data.

    Thanks Kingstreet. I figured if I had negatives on my credit records they may take some time to rectify... would rather get started now as opposed to the day I sit down in front of a broker.
  • kingstreet
    kingstreet Posts: 39,335 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    I would suggest about three months before.

    That way the data is fresh. You've had a good twelve months of being whiter than white and a broker is going to take you far more seriously than if you pitch up saying "I'll want a mortgage in 2016 or 2017."
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
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