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Credit rating information and agencies
Whether you’re buying a new home or changing lenders (‘remortgaging’), a number of things are considered when lenders work out how much you can borrow. These include your income and employment status, the value of the property, your outgoings and your credit history. Whatever a lender is prepared to offer, the most important thing is to be sure you can afford the monthly payments.
When someone applies for a financial product like a mortgage or remortgage for example the lender will look at their credit history. Lenders are checking that the person applying for credit is reliable and that they are worth the risk of lending them the money. They do this by looking at their previous finance and credit applications and the reasons why they are applying for the mortgage, as well as looking at the person's income and expenditure.
The lender will also use a credit reference agency to carry out a detailed credit check to see if the person has a bad credit history. The two major credit reference agencies are:
Experian, PO Box 8000, Nottingham NG1 5GX
Equifax Europe, Department 1E, PO Box 3001, Glasgow G81 2DT.
The agencies hold peoples historical financial data files. For the fee of £2 you can request details of your credit file, if the information is incorrect or you would like to add comments simply contact the agencies.
www.mycallcredit.com, Online UK credit report services and personal credit score from MyCallcredit.