How to check your credit score for free. An introductionBut firstly my name is Dan, I am a CeMAP qualified mortgage & protection adviser. This video is purely for educational purposes only, and should not be seen as advice or a recommendation to act.
Towards the end of this video, I will let you know how you can gain access to your credit report for free, I have put a link in the description to the timestamp to this part of the video, but first I want to explain why doing a credit search on yourself is important.
When speaking to clients, I will always ask, what debt do they currently have outstanding, and if any, what are the balances, the monthly payments, and how long is left to run until that debt is cleared?
And more importantly, have they got any missed payments, or other adverse within the last 6 years, as that’s how long most credit reports will report for.
I could argue, this is one of the most important, if not THE most important bit of information you should be equipped with before approaching a mortgage adviser, such as myself or the lender directly.
There are over 100 mortgage lenders in the UK, and each one of them is unique in what they see as an ideal client. So if you have adverse credit, such as missed payments, county judgments, defaults, or an IVA, there is often a lender available that will be willing to lend.
But it is important to know, what type of lenders you should be applying to, as not all lenders will be prepared to lend if you have bad credit.
This is where doing a credit search on yourself will help you and if you’re speaking to a mortgage adviser or lender, giving them an accurate description of your credit profile will save you, and them a lot of time.
You do not want to be making applications with multiple lenders, as this could really affect your chances of being approved for finance.
There are multiple credit reference agencies out there, the main ones are Equifax, Experian, TransUnion, and Crediva.
If you wanted to save some time, you could apply to Check My File, there is 1 sign up process as they cover all 4 of the credit search companies I mentioned earlier. They also have a 30-day free trial.
There are other websites that will be free for life, but they don’t often provide all the relevant information which is required to make a successful mortgage application.
If you sign up to CheckMyFile using the link in the description you will be able to check your credit score and history on Equifax, Experian, TransUnion, and Crediva all with the 1 login, this is important because not all lenders use the same credit report, so you need to check you can see everything they’ll be able to see before applying, as different lenders, accept different levels of credit scores and credit history.
It is free for 30 days but if you wish to keep viewing your credit report after the 30 days, so you can keep an eye on your credit score and history, there is a monthly subscription cost of £14.99. To avoid this, you could sign up to each of the credit reference agencies separately and utilise their 30 day free trials. If you did continue to use CheckMyFile after 30 days, I receive a £12 referral fee.
Remember your home may be repossessed if you do not keep up with the repayments on your mortgage.
I have hopefully provided you with the information you visited this video for, if you have any questions, please put a comment below and lookout for a video on how to read your credit report.
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