The first action to take when planning to take on a mortgage is to get hold of your credit report.It is becoming an increasing popular industry practise for Independent Financial Advisors and Mortgage Advisors to request it from the applicant before any mortgage administration is commenced.This is because from a glance at your report that they can easily tell how well your report will stand up to a lenders scrutiny in the current mortgage climate and how far into process they have a chance of reaching with you.

Your credit report can be obtained easily from Equifax or Experian - normally at no cost on a 30-day trial basis - however as you are go through the deposit building process which will take time in itself, it is advisable to purchase the full service these companies offer to begin examining how your credit score is also improving over time. Knowing what information on you a lender can access and view is a critical advantage to getting past there minimum criteria and into the realm of favourable loan rates.

2 more important reasons to get hold of your credit report are that it is not impossible that these reputable companies can make mistakes,which can be rectified, but are otherwise indistinguishable to them among the genuine facts that make up your credit history with any errors until they are declared. Neither can they distinguish data that arose as a result of identity fraud in your name -  a ever increasing crime in this modern age of electronic trails where 1 in 10 has been or is unaware they have been, a victim of this crime.

It is important to note that the it is neither Experian or Equifax who make the final decision on your acceptance of credit but merely compile the data that portrays an image of your credibility to a potential lender.

HOME - 1 - 2