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:

www.equifax.co.uk

www.experian.co.uk

www.creditexpert.co.uk