Checking your credit report: A quick guide

Ahead of applying for a mortgage or any other type of loan, it is a good idea to check your credit report. In fact, it is advised that you carry out a regular credit report check even if you’re not applying for a loan in the near future, to help spot potential fraud or identity theft. For details of how to get a copy of your credit report, click here.

A person using a laptop while holding a credit card checking his credit score.

Once you have your credit report, use this quick checklist to know what to look out for.

  • Check your personal information
  • Each time you get a credit report, check that all your personal information is correct such as your full name, current address and date of birth. If not, get this resolved as if the information is incorrect, it could affect your ability to borrow.

  • Check that you’re on the electoral roll
  • Check that your credit report shows correct debts and that you recognise all the lenders on the report and the correct amounts are reflected. If there is anything you don’t recognise make enquiries to ensure there is no fraudulent activity or identity theft occurring.

  • Check your debts
  • First time buyers often underestimate additional costs that come with owning and running a home. In addition to being able to afford monthly mortgage repayments, home owners need to pay a list of other costs each month including: Property Insurance, Council Tax, Utilities and Property Maintenance and Repairs. It is also worth remembering that, utility bills and insurances are liable to increase over time.

  • Check your repayment history
  • Review your repayment history to make sure it’s correct and that all payments you have made are reflected. If there is anything missing, contact your lender, which can inform the credit reference agencies.

  • Check your search history
  • Each time you apply for credit, your report will be used by lenders to check your identity and to determine the likelihood of your repayment ability. Checking your search history regularly will help identify searches from lenders that you don’t recognise and serve as an indication of identity fraud.

    Use this short guide to help you identify any mistakes in your credit report which could negatively impact a mortgage or other loan decision. Visit Propillo.com for free mortgage advice, or try our mortgage comparison online for free, savings for everyone!

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*https://www.moneyadviceservice.org.uk