Independent Mortgage Advice - Credit Scoring
We have independent access to every Building
Society, Bank and Specialist lender in the market. We don't charge
fees for arranging your mortgage so why not let us research the
market for you?
Credit Scoring
Will you credit score me and if so, what is it?
We wont Credit Score you, but the Lender
you apply to through us will check your credit records as part of the
application process.
Credit scoring is the process used by most Banks, Building Societies and
Financial Services companies to evaluate the credit risk of new
applicants and as such, this technique will be applied to your
application.
Credit scoring works by awarding points for each answer given on the
application form such as age, income and occupation, together with
information obtained from credit reference agencies.
This information allows consistent decisions, ensuring all applicants
are treated fairly.
Credit scoring does not discriminate on the grounds of sex, race,
religion, disability or colour.
If you decline my application, what is the reason?
In addition to credit scoring, we also take into account confirmation of
your identity, validation of certain application details, existing
commitments and information held at the credit reference agencies.
Though we are unable to provide you with a main reason for decline of
your application, it is usually based on one, or a combination of the
following:
· Your credit score
· Adverse credit reference agency information
· We consider you to be over committed
· You are aged under 18
· Your existing account performance with other lenders
What can I do if I am turned down for a mortgage or loan?
It is always a good idea to obtain a copy of any information held by the
credit reference agencies to check its accuracy. See Below on how to
obtain copies.
It is possible to fail a credit score when none of the above reasons
apply, this can be because you have no credit history or because you do
not show at your stated addresses.
NOT ALL LENDERS RELY SOLELY ON CREDIT SCORING if you have been declined
please contact us with as much information as possible, as Independent
Financial Advisers we can access every lender and may well be able to
help you.
What type of information do credit reference agencies hold about me?
Some of the information is public information, for example electoral
roll, County Court Judgements and bankruptcies. Other lenders may also
file information about accounts you hold with them, and this could
include your payment history and outstanding balance on these accounts.
Any requests for credit, where a credit reference search has been
undertaken, will also be filed, although the result of the request is
not recorded.
There are two main credit reference companies, Experian and Equifax who hold credit information about you.
To obtain a copy of this information... You should send a cheque for £2,
made payable to the relevant company, together with details of all
addresses at which you have lived over the last 6 years:
Consumer Help Desk Experian Limited, PO Box 8000, Nottingham, NG1 5GX
Equifax Plc, PO Box 1140, Bradford, BD1 5US
Alternatively you can apply on line with Equifax, follow this link
Equifax
You can apply online with Experian, follow this link
Experian
The above agencies will provide details of information relating to you
at these addresses. If you believe that the information is incorrect,
you can ask the agency to correct it.
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