If you look through the credit account info at the monthly credit account records you’ll see various numbers and codes that might not make any sense to the untrained eye! Below is a key to help you read yours. Remember if you haven’t already, you can click the link here and sign up for your free trial credit reports.
There are 3 main reference agencies, and multiple re-sellers of reports that all present the information differently. Whichever report you look at, they are all split into sections in the same way. The important bits the lenders are looking at are:
- Financial Account Information
This outlines the monthly account conduct for all your active credit accounts. It includes phones, utilities, credit cards, loans, mortgages etc.
- Public Record Information
This covers details around any county court judgements (CCJ’s) and bankruptcy etc.
- Credit Search History
This lists all the searches you’ve had on your credit report by different creditors / insurers etc.
Lenders also look at:
- Address links
This lists any links you’ve had to other addresses
- Electoral Roll Information
This is detail around where you are registered to vote and how long you’ve been registered there. The longer the better.
- Connections & other names
This lists any financial associates, usually being people you have or had joint accounts with.
Financial account information
This report shows conduct up to date since Sept 2010, being 3 payments behind in August, 2 in July, 1 in June. this means the payments that were in arrears to status 3 in August were paid back up to date in full in September.
Public Record Information
This section covers any Bankruptcies, insolvencies, or court judgements filed in your name. As below, for CCJ’s it outlines the type of issue, the date the issue was registered, the amount that it was registered for, and the court that registered the judgement. If it were a bankruptcy it would have the same details, with the date of satisfaction (discharge date), without the £ amount – this figure is not public info.
This information in your report will form the basis of the initial lending decision made. If approved based on your credit score, it doesn’t necessarily mean you’re going to be accepted for the full mortgage – there is also your deposit and Loan to value, and your income and affordability to take into account. Every lender is different, so when it comes to getting the best mortgage for you you’ll need to speak to an expert. Make an enquiry and someone will be in touch ASAP.
If you want to know if you can get a mortgage with late payments (or missed payments – arrears), then get in touch and an expert can review it all for you!