Bad Credit Gone

With the current unprecedented recession, there has likely never been a much more critical time to check your borrowing report. Many us don’t have any idea about the details lenders use to decide their applications in requesting money - and it really isn’t as simple as you might think.

Criteria such as under installments on loans and plastic undoubtedly influence lenders decisions, but are you aware that you could be declined a mortgage as you haven’t ever had credit? It sounds daft, but in fact lenders need not only to hear that you aren’t already overloaded, but also that you have a track history of keeping up installments.

Because of this, banks you have previously been lent money from provide debt reference registers such as Equifax with information on how you handle your debt accounts.

Another thing people generally don’t know about is borrowing files aren’t limited to store cards, loans and mortgages. If you have a pay monthly phone that is most likely shown on your debt file too. How about your Sky TV account? Of course, that’s qualifying as borrowing as well.

Anything that enables you to generate a bill could be considered borrowing. By looking at your borrowing file, you might discover that you’ve been giving potential banks more detail than you realise, or worse than that, misleading details! Only by getting your borrowing file will you see what the lenders can see - in fact, everything they can see. There will be no credit black lists, it’s all done by formulae comprising the credit risk profile built up by the info on your application and your borrowing file.

The better side of this is that you can take immediate steps to update your borrowing score - for example checking that you are fully registered on the electoral roll. For more helpful advice, sign up for the free trial of your credit history below - there’s no obligation to continue and buy so it is entirely risk free. Many people do continue after their probation however, as the cheap product could save them a lot of inconvenience in the future.

So, why not make an effort to help yourself right now and grab a free trial? The Free Factory website have teamed up with a debt report provider to offer a trial free which means you can see everything on your credit report. The service is online, so you will be accessing everything the loan companies see in 5 minutes time.