With the current worldwide downturn, there has never been a much more common time to request your free borrowing report. Most the population don’t have the foggiest about the information financiers use to approve their chances of requesting loans – and it really isn’t as simple as you might have thought.
Criteria such as defaulting installments on unsecured loans and store cards certainly make or break lenders refusals, but are you aware that you might be refused a mortgage because you have never had borrowings? It sounds crazy, but in decision making banks need both to discover that you aren’t going to be overloaded, but also that you have a track past of making up repayments.
Because of this, lenders you have in the past been lent money from provide record keeping agencies such as Equifax with information on how you stand with your debt accounts.
Another thing we frequently don’t realise is debt files aren’t limited to store cards, unsecured loans and mortgages. If you have a pay monthly mobile that is almost certainly listed on your borrowing file too. What about your satellite TV account? Of course, that’s qualifying as debt too.
Something that allows you to create an invoice could be considered debt. By looking at your debt file, you may well discover that you’ve been giving potential banks more info than you were aware, or worse than that, misleading information! Only by getting your borrowing file will you see what the banks see – in entirety, everything they see. There should be no debt barred lists, it’s all calculated by formulae comprising the debt risk profile made up by the information on your account opening form and your borrowing file.
The great news is that you can take simple steps to change your debt score – one example checking that you are fully registered on the resendential roll. For more good advice, sign up for the free trial of your borrowing history below – there’s no obligation to go on and subscribe so it is entirely risk free. Many people do buy beyond their probation however, as the low cost report could save them a lot of inconvenience in the longer term.
So, why not take the initial step immediately and grab a free trial? The Free Stuff website have signed up with Experian to supply a taster free which allows you to see all of your debt history. The service is on the web, so you could be accessing the same thing the loan companies see in just a few minutes!
