With the present unprecedented failing economy, there has rarely been a more important period to get a copy of your free borrowing file. Most us haven’t a clue about the criteria lenders use to score their chances of obtaining money – and it predictably isn’t as simple as you might imagine.
Criteria such as missed payments on loans and plastic certainly influence lenders aprrovals, but are you aware that you may be declined a mortgage as you haven’t ever had credit? It sounds crazy, but in reality lenders need not only to see that you are not already overstretched, but also that you have a reasonable past of keeping up installments.
For this reason, banks you have in the past borrowed from provide borrowing reference agencies such as Experian with details on how you handle your debt options.
Something else we frequently don’t realise is credit files aren’t limited to credit cards, personal loans and mortgages. If you have a post-pay mobile that is almost always detailed on your debt report too. How about your cable company service? Yes, that is considered to be borrowing too.
A service that allows you to create a bill could be seen as credit. By examining your borrowing file, you might be shocked to find that you have been supplying potential banks more to go on than you were aware, or even worse than that, incorrect info! Only by getting your debt history will you see what the lenders see – in entirety, all they see. There will be no borrowing risk lists, it’s all calculated by calculations based on the debt history profile made up by the information on your account opening form and your credit history.
The better message is that you can take easy action to change your debt appearance – one example making sure you are correctly appearing on the electoral list. For more helpful advice, head over for the free trial of your credit file below – there’s no requirement to go on and buy so it really is risk free. A lot of people do buy after their trial however, as the cheap report could save them a lot of inconvenience in the longer term.
So, why not take the first move immediately and get a free trial? The freefactory.co.uk website have joined up with Experian to supply a trial free which lets you see all of your debt file. The service is on the web, so you can be accessing everything the bank manager can see in just a few minutes.
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