With today’s global downturn, there has never been a much more important time to check your free credit file. Many people don’t have a clue about the information financiers use to approve their chances of requesting money - and it unsurprisingly isn’t as straightforward as you might imagine.
Factors such as late installments on unsecured loans and plastic undoubtedly influence banks decisions, but are you aware that you may be declined a mortgage because you have never had borrowings? It sounds crazy, but in reality banks need both to discover that you are not becoming overloaded, but also that you have a reasonable past of meeting your installments.
Because of this, banks you have already borrowed from update record keeping registers such as Experian with information on how you stand with your debt facilities.
Something else we commonly don’t realise is credit histories aren’t limited to credit cards, secured loans and mortgages. If you have a pay monthly mobile phone that is most likely shown on your borrowing file too. How about your cable or satellite company account? Yes, that is qualifying as borrowing as well.
Anything that allows you to create an invoice could be seen as credit. By looking at your borrowing history, you might be surprised to find that you have been giving future lenders more to go on than you realise, or even worse than that, misleading details! Only by buying your credit report will you see what the banks can see - in reality, all they are able to see. There will be no borrowing risk lists, it’s all calculated by calculations comprising the credit risk profile made up by the details on your application and your debt history.
The better news is that you can take easy steps to update your debt appearance - one example making sure you are fully registered on the electoral list. For more great tips, head over for the free trial of your borrowing file below - there’s no pressure to continue and subscribe so it is entirely risk free. Many people do continue after their probation though, as the low cost product could save them a lot of hassle in the longer term.
So, why not take an objective to help yourself right now and order a free trial? The Free Stuff website have signed up with a debt history provider to offer a trial at no cost which means you can see all of your borrowing report. It’s all online, so you can be seeing everything the loan companies see in 5 minutes!
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Tags: credit report debt file borrowing history loans mortgages cards