Do you know your credit score? Is it important? And even when you know it, what does it really mean?
We are asked about credit scores by most clients - and the answer isn’t always easy! Lenders have their own internal scoring systems, and they also use independent credit reference agencies of which there are 3 main ones in the UK.
It isn’t always clear which lenders use which agencies, or if they use multiple, and it’s rarely made public (even to brokers) what scores they want to see.
How long you have been at your current address is a factor, along with whether or not you are on the electoral roll there. Typically, we need to know between 3 and 6 years address history.
What do you have and how have your payments been? If you’ve paid everything on time as agreed with your creditors, this should help keep your score high!
Credit card limits, and these days things like PayPal Credit and Klarna, all have an impact. Staying well below your limits on these types of thing, and not using too many of them at once, can help keep your score looking healthy.
Get Your Report
We work with Checkmyfile.com to give you a 30-day free trial of accessing your credit report - this is the only credit report that checks data from Equifax, Experian and Transunion.
Looking at your own report doesn’t count as a search, so you can do this without impacting your score and you can generate a PDF version to share with us in order to help you. It’s also good for you to know exactly where you stand.
If you do not cancel your free trial, you will be charged £14.99 a month, but you can cancel any time.
*By clicking the link you will need to register your details with Checkmyfile and enter in to a free 30-day trial period. This will allow enough time for you to register your information and download your report. You are free to cancel this trial period at any time during the 30-day free trial period without penalty. Should you fail or choose not to do so, Checkmyfile will charge you a subscription fee of £14.99 per month thereafter.
Houz Mortgages Ltd will receive a payment of £12 per free trial entered into via the link to Checkymyfile’s website. This is payable whether you cancel the trial period or not.
It should be noted that lenders will not be assessing the report produced from Checkmyfile and will undertake their own research and assessment.
What people say
This is what people have had to say about using Houz Mortgages…