Poor credit history
Prospect Mortgage Services provide independent, sound and honest advice for your mortgage and protection needs.
We understand that it can be difficult to find a lender willing to provide a mortgage if you have some history of poor credit. Our advisers, who are independent and work with lenders from the whole of the market, can help you to find the most suitable mortgage product to meet your current needs and circumstances.
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What can cause poor credit history?
A combination of factors contribute toward your overall credit rating, including:
- Electoral roll information (If you are not registered to vote)
- Previous court records (such as CCJs, IVAs, Bankruptcies)
- Previous history of missed payments or defaults
- Your history of applying for credit (e.g. little history or too much history of applying for credit cards or loans)
- Your address history (e.g. being linked to several addreses due to moving around a lot).
- Declined credit applications
- The level of your debt and the amount that you are currently repaying
- Payday loan information
You can take steps to repair your credit rating, which will make getting a mortgage easier (such as registering on the electoral roll), however, lenders will use your credit history in different ways. As such, our advisers can help you find the best mortgage depending on your individual circumstances.
How do you get your credit report?
Being able to obtain your own credit report has never been easier, and we would always strongly advise people to take a pro-active approach to this, especially when they are looking to get a mortgage and are concerned they may struggle to gain credit. Usually it is free to obtain your credit report and most lenders use one of the three following companies when assessing someone’s credit score:
- Equifax
- Experian
- Transunion
However, a common problem people experience is that the three providers are separate and don’t talk to each other. Lenders will sometimes use 1, 2 or all 3 of these companies. This means that at times there can be discrepencies and what displays on one report may not on another. To help us be able to best help you, we recommend that you utilise a credit agency viewer that pulls data from all 3 providers such as Check My File.
Try it FREE for 7 days, then £14.99 a month – cancel anytime
Check My File offers a free 7 day trial and from then on costs a similar amount to the other individual credit agencies. Once you create an account you can keep track of your credit score and download printable reports which can assist your Adviser greatly in determining any potential issues and in considering who might be the best lender for your current circumstances.