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Credit Reports

If you have ever wondered how a mortgage or credit card company

decides whether to offer you a mortgage or credit card, the answer lies in your credit rating.

A mortgage credit score is an automated technique used by the mortgage lenders to help decided whether or not to offer you a mortgage.

The information on your credit report, together with the information

submitted on your application form can be used to calculate a credit score. This helps the company build a financial profile of you and identify the possible risks of offering you a mortgage. This is the basis of their commitment to lend responsibly.

Credit scores take no account of race, gender or religion.

As your credit report is the basis of successful borrowing it is crucial that it is accurate and kept up to date. Your credit report is available through a number of different credit reference agencies for a small fee and it is advisable to check the report on a reasonably regular basis to make sure that the content of the credit report is accurate.

If you notice anything unusual on your credit report, such as a loan or credit card application you did not make, you could be the victim of identity fraud and you should bring it to the attention of the credit reference agency as quickly as possible

Your credit report lists anyone with whom you have a joint account. Lenders may take a look at the financial history of these people when you apply for credit.

Avoid Credit Repair Companies

Credit repair or credit reference agencies do not have the authority to amend your credit report. You should not pay for these services.

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