Criteria such as late payments on unsecured loans and store cards certainly make or break lenders refusals, but are you aware that you may be refused a mortgage when you haven’t ever had credit? It sounds ridiculous, but in reality lenders need not only to know that you are not going to be overloaded, but also that you have a track history of keeping up installments.
Because of this, banks you have previously borrowed from update borrowing reference registers such as Equifax with information on how you stand with your debt options.
Something similar people generally don’t understand is debt histories aren’t limited to credit cards, personal loans and mortgages. If you have a pay monthly mobile that is almost always shown on your debt report too. What about your cable or satellite company service? Yes, that’s considered to be debt too.
Something that enables you to run up a bill could be seen as debt. By looking at your debt report, you may well discover that you’ve been supplying prospective lenders more detail than you were aware, or even worse still, incomplete info! Only by checking your borrowing file will you see what the banks can see – in reality, everything they can see. There will be no debt barred lists, it’s all calculated by a formula comprising the borrowing history picture made up by the information on your account opening form and your credit history.
The great message is that you can take immediate action to increase your credit appearance – one example checking that you are correctly appearing on the electoral list. For more helpful advice, head over for the free trial of your debt file below – there’s no pressure to continue and buy so it really is risk free. A lot of people do continue beyond their probation however, as the cheap report could save them a lot of inconvenience in the future.
So, why not make the initial steps immediately and order a free trial? The FreeFactory website have signed up with Experian to supply a trial at no cost which enables you to see all of your debt report. It’s all on the web, so you will be looking at everything the bank manager can see in just 5 minutes time!
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