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The Importance Of Your Credit Report
Check Your Credit Score Early - It's Important
Whether you are buying, selling or doing both, it is important to obtain a copy of your credit report to ensure the information contained in the report is accurate. Clients who choose to approach lenders for a decision in principle or completion of a mortgage application before they review their own report risk running into difficulty.
A lender will always request a copy of your credit report, if there are errors on the report which you are not aware of, this could lead to a lender declining your application for mortgage funds. That is why uncovering any potential problems before a lenders requests your report is crucial.
We believe that reviewing your report is the starting point in the buying and selling process.
How to interpret your credit score:
Typically, your credit history will be converted to a score out of 1000. This will put you into a category for assessing whether a lender will lend you money and at what rate. Here are some guidelines as to what your score could mean for you:
- 720-850: Excellent The best score and financing terms.
- 700-719: Very Good Qualifies for favourable financing.
- 675-699: Average This range will usually qualify for a loans.
- 620-674: Sub-prime May still qualify, but interest will be high.
- 560-619: Risky Will have trouble obtaining a loan
- 500-559: Very Risky Need to work on improving your rating
To access a copy of your credit report visit one of the three main providers of these reports: