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Check Your Credit File Before You Apply for a Mortgage
Your lender will look at your credit file before they look at you. So look first.
It happens a lot. Someone finds the right home and applies straight away. Then a missed payment from years ago, an old address or a forgotten account turns a quick yes into weeks of questions. A few minutes with your credit file now can save you that stress later.
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What is a Credit File?
Your credit file is a record of how you have handled credit. Loans, credit cards, mobile contracts, overdrafts, mortgages and some utility bills all appear on it. It is held by three credit reference agencies: Experian, Equifax and TransUnion.
You may also hear it called a credit report. It is the same thing. Your credit score is a summary built from the file, and lenders look at the detail behind the score.
Why mortgage lenders care.
Lenders use your file to decide whether to lend to you and on what terms. They look at your payment history, how much credit you already have, whether your details match across records and whether you are on the electoral roll.
Different lenders weigh these things differently, and many check more than one agency. That is why it helps to see all three.
What to look for
Start with the basics. Check your name, date of birth and address history. Small mismatches can slow an application.
Next, look for missed or late payments and defaults. These usually stay on your file for six years. Check for accounts you do not recognise, because they can be a sign of fraud. Look for financial links to anyone you should no longer be tied to, such as an ex-partner. Finally, make sure you are on the electoral roll at your current address.
How to check your file
You have two routes.
You can ask each agency for your statutory credit report. This is free by law, but you need to request all three separately.
Or you can use Checkmyfile, which brings information from Experian, Equifax and TransUnion into one report so you can compare them side by side. Checkmyfile describes it as the most detailed credit report you can get. It comes with a 7-day free trial, then it is £14.99 a month. You can cancel online anytime. The free trial is for new customers aged 18 or over who live in the UK.
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Will checking my credit file affect my score?
No. When you check your own file it is a soft search. It will not change your score and lenders cannot see that you looked.
Applying for credit is different. Each application leaves a hard search on your file, and several in a short time can count against you. Try not to apply for a new card, loan or phone contract just before you apply for a mortgage.
When to check
Ideally, check three to six months before you apply. That gives you time to spot errors and put them right.
Check again before you ask for an agreement in principle. Then check once more before completion, in case anything has changed.
Found something wrong?
Stay calm. Many problems can be fixed.
If you find an error, contact the lender that reported it and the credit reference agency and ask for it to be corrected. If the information is correct, such as a missed payment, it cannot be removed. But a clear plan still helps.
We can look at your whole picture and tell you which lenders to consider and when to apply. Please speak to us before you apply anywhere.
Frequently asked questions
This page contains a paid partner link to Checkmyfile. We may receive a payment if you sign up through it.
Monthly fee of £14.99 applies after your free 7-day trial. You can cancel at any time online, or contact Checkmyfile by phone or email to request this. The free 7-day trial applies only to new customers aged 18 years or over who are living in the UK. The trial starts when you register. If Checkmyfile cannot verify your identity online, they may ask you for more information, which may delay access to your credit report. Checkmyfile is a trading name of Credit Reporting Agency Limited, authorised and regulated by the Financial Conduct Authority (firm reference 690175).
Let Us Help You Every Step of the Way!
THE SMALL PRINT
There are several questions any lender will need to know, from the size of your deposit to your employment history and prospects. To get you seamlessly through the application process, we recommend contacting us before you start your property search.
Please note that your home or property may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.