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Keeping your credit score in order

Monday, March 27, 2017 3:12:00 PM


The Council of Mortgage Lenders have stated that 1st time buyers are returning to the market, and it is a trend that is expected to continue. With 'Help To Buy’ schemes, other Government incentives available and low interest rates there has never been a more attractive time to buy, and to remortgage too.

An interesting survey recently carried out by MyCreditMonitor has revealed that 54% of Brits have never checked their credit score, even though there are a number of easily accessible websites offering this service. Having a good credit score is a necessity should you be looking to take out a new mortgage or are considering remortgaging your existing property. Here at The Mortgage Brain we would recommend everyone should check their credit score before putting in an offer on a property if they hope to get a mortgage, especially as close to 1 million people obtained a CCJ in 2016.

The report stated “Certain life-changing events will necessitate the need for self-investigation prior to a purchase and a poor credit score can dramatically impact the chances of securing the finance required.

Of those who did check their credit scores (46%), around a quarter (24%) had done so because they were considering purchasing a car, and a third (33%) undertook a credit check before taking on a mortgage.”

Regularly monitoring your credit report allows you to react quickly to any issues that might arise having a negative impact on your credit score. It also allows you to quickly deal with any errors detailed on your credit report.

In a world where suppliers, and most notably mobile phone providers, are quick at registering missed payments, defaults and CCJs, it is vital you keep your finger on the pulse and work hard to retain a decent credit score, and continue working to improve it.

Having a decent credit score really does make the difference!

Here are some websites that allow you to monitor your credit score:

1) MyCreditMonitor - www.mycreditmonitor.co.uk

2) Noddle - www.noddle.co.uk

3) Experian - www.experian.co.uk

4) Equifax - www.equifax.com

If you are considering taking a mortgage out but are concerned about your credit score give The Mortgage Brain a call. We will be happy to discuss your situation with you and see if we can offer suitable advice to help you achieve your aim. Please call us on 0333 340 8888 or email info@themortgagebrain.net.


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