Credit reports explained

If you’re looking to apply for a mortgage or any other form of credit then you’ll need to understand your credit report and how it might impact your chances of success.

What is a credit report?

A credit report is a collection of information held about you, any credit you’ve held in the last six years, and how you’ve managed it. This could include credit cards, mortgages, loans and other borrowing. Any time you miss a payment, apply for credit or have issues such as defaults, CCJs or bankruptcy, it gets recorded on your report. Lenders can access this information when you apply for credit to help them decide whether or not to lend to you.

Should I check my credit report before I apply for a mortgage?

Definitely, the more information you can gather before a mortgage application the better. Having a clear picture of your credit history can help your broker to understand your needs, ensure they approach the right mortgage lenders and reduce your chances of having a mortgage declined. It can also give you the chance before you make your application to correct any errors that could otherwise impact your mortgage.

Checking your credit report regularly, regardless of whether you’re currently looking for a mortgage, can help you keep on top of your finances and can potentially flag any fraudulent activity in your name. You can check your own credit report as often as you like with no impact on your credit score.

Should I check more than one credit report?

Not every credit reference agency will hold exactly the same information about you, so it’s worth doing a couple of checks at least to give yourself as much information as possible. The more you know, the better your chances of securing the mortgage you want.

We work with both UK Credit Ratings and CheckMyFile and both offer free trial periods, making them accessible for everyone. By using both services rather than just one you’ll have a broader picture of exactly what potential lenders will be seeing about you, giving you both the practical information and the confidence you need to apply for a mortgage.

You can see the benefits of each service below:

Signing up for both UK Credit Ratings and CheckMyFile is very straightforward and you can see your credit reports and credit scores in minutes. Both free trials will give you plenty of information, so you have nothing to lose by checking both and getting your mortgage application off to the best start you can.