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How to Decipher Your UK Credit Reports

07 Dec 2023 | Almas Uddin
How to Decipher Your UK Credit Reports

How to Decipher Your UK Credit Reports

Mortgage lenders talk a lot about credit scoring and credit reports - but if you haven't ever accessed yours before, it might not make a lot of sense!

Here we'll run through what credit reports include and how to assess the information contained in yours.

For more assistance with understanding your credit file and how that will impact your mortgage application, give the mortgage advisors team a ring on 0330 304 3040, or email us at [email protected].

What Information Does my Credit Report Show?

In the UK, lenders will use one of the three primary credit-referencing agencies. Each report will be split into three categories:

  • Financial accounts - all of your credit accounts, from mortgages to mobile phone contracts.
  • Public information - court judgements against you, such as CCJs.
  • Credit checking history - how many checks have been run against your file.

Your reports include linked addresses you have lived at before, whether you are registered on the electoral roll, and if you have any previous names.

What Do The Status Numbers Mean on my Credit Report Next to my Financial Accounts?

If you've downloaded your credit report and it shows a list of accounts and statuses, these indicate whether you have remained on track with your repayment.

  • Status 0 - green, accounts are up to date.
  • Statuses 1-3 - yellow mean you have missed one, two or three payments.
  • Statuses 4-6 - red mean you have been four, five or six months in arrears.
  • Unclassified usually means that the lender hasn't yet provided the information.
  • Debt Management Programme means that you are in a DMP to repay your debts.
  • Arrangement to Pay indicates that you have fallen behind and made arrangements with the lender to bring your debt back into good order.

What is the Public Record Information on my Credit File?

Matters of public record include court judgements made - such as being insolvent, bankruptcy, or having a CCJ.

Lenders will rely on your credit report to give them oversight of your financial stability and whether they will be able to offer you a mortgage.

Remember that, even if you have severe credit issues on your file, an independent broker can help to understand why the problems have occurred and negotiate with a specialist bad credit lender to ensure you can go ahead with buying your home.

If you need any assistance with a bad credit mortgage, give us a call on 0330 304 3040 or email [email protected], and we'll get your application started.

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