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Financial Credit Report

The Self-Employed Mortgage Guide

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Check your credit score

Credit reports are vital if you are thinking about taking out a mortgage, remortgaging, moving home, or becoming a landlord with a buy to let mortgage.

Before making you an offer, lenders want to know that the debt will be paid off and that you are a ‘safe bet’. Banks and lenders will use a credit report to help them decide whether or not to lend you money based on the information it contains about both your current and historic financial situation.

to get data on your previous debts, how reliant you are on credit, how good you are at paying back debt and how much credit you are currently using.

What is a credit report?

Put simply, your credit report is a compilation of data regarding your previous debts, how reliant you are on credit, how good you are at paying back debt, and how much credit you are currently using.

It is far better for your mortgage broker to know upfront your credit rating as it can filter the options for you, particularly if you are struggling with bad credit.

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Check your credit score with checkmyfile…

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Why you should regularly check your credit report?

Your credit history will affect your mortgage interest rate and your deal will be affected by how responsibly you’ve borrowed in the past. This is particularly important if you do not meet the criteria for special introductory rates or other attractive mortgage deals.

If you’re thinking of applying for a mortgage to buy or remortgage a property, regularly checking your credit report will highlight what you need to improve to increase your chances of being approved by a lender.

Which credit report do we recommend at Active?

There are a number of credit report providers, but we recommend Check My File because it is the most comprehensive credit report system. Some providers and lenders ONLY register a “debt” (loan, credit card, hire purchase etc.) with Experian or Equifax for example. This proved to be an issue because they often miss debt, which then appears when the lenders carry out a more detailed search.

Check My File compiles ALL reference agencies and therefore, there are no missing debts which makes Active’s advice more accurate and resolves issues before they could even happen.

Access to your credit report provides us with more data about your financial situation, enabling us to provide bespoke advice and guidance on what you might need to do to secure the best possible mortgage deal that we will work with you to find.

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