Credit history Reports advice
Throughout these next few pages in this section we will look at some of the main factors to do with your credit history, how you can legally improve it and what things to watch out for.
Which Credit Report is Best ?
Well that’s a questions that really is open to debate, many people prefer Experian and quite a few mortgage lenders use parts of Experian or Equifax’s credit reference system to determine credit scoring. All purport to give you an initial FREE report and then try and sign you up to a credit monitoring service afterwards at £x.99 per month. There is nothing wrong with any of these services or signing up for the monthly service plan. Which one is best ? My personal choice would be Experian, BUT if you have had bad credit history rior you need to check your report is correct and up to date on ALL THREE, yes it might cost you three lots of £7.99 to get all the actual scores, but that’s a lot cheaper than paying £500 for a mortgage valuation that then fails later on. Any Good mortgage Broker will also want to see a copy of your credit report as they will want to check and confirm previous credit issues have been resolved.
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Which Credit Report do the Mortgage Lenders use ?
Many lenders wont divulge which credit reference system they use, and many lenders only use parts of a system, with parts also developed in house to amalgamate information from various sources , so they create a unique credit scoring and rating system
Here’s an old list, which is probably out of date but a reasonable guide even today
|Lenders and the Credit Reference Agencies Used|
|Lender||Credit Reference Agency used for credit searches|
|Bank of Ireland|
|Bank of Scotland|
|Bristol and West|
|Marks & Spencer|
|Stroud + Swindon BS|