As a first time buyer, having a good credit score is key to securing a mortgage. Lenders will look carefully at your credit rating when assessing your application; as this will allow them to establish whether or not you have a good record of keeping up to date with loans and other credit commitments. A poor credit report could mean no mortgage so it’s important to make sure that yours is as good and as accurate as it can be.
Make sure your credit file is correctFirst, get a copy of your credit file and check it thoroughly to ensure that all of the details are up to date and correct. You can request a copy from a credit reference agency, such as Experian, Equifax or Callcredit. They’ll have information from various sources, and your file is updated electronically each time you open up a new form of credit. You can obtain a free copy of your ClearScore credit report here
You have a statutory right to a copy of your report for £2, and to have any errors corrected. Check that your address is correct on all of the active accounts, and that credit lines you no longer use, such as credit or store cards, have been shut down.