I'm applying for mortgages for the first time in 22 years, so I'm getting my head around various bits of new info, including credit records. Last night, mostly out of curiosity really, I followed some links from this site and got free credit info about myself from Experian and Equifax...
It didn't really tell me much...
The Equifax report was full of empty sections - it shows I'm on the electoral roll and there are no court judgements against me, but that's about it.
The Experian report was even less informative, though it did promise me a PIN within 5 days that will let me access more info. It told me my score was 'good', but not 'excellent'.
I'm just wondering whether it all actually means anything significant, and whether having nothing much in my record is a good thing or a bad thing, when it comes to getting a mortgage?!
I have had very little credit and debt in my life, compared to most people. I took out a mortgage 22 years ago, which I paid off early about 6-8 years ago. I have no other debt. I had past debts, but they were all paid according to repayment schedules. The only possible 'blot' in my whole life, I think, is that I was part of the anti-poll tax movement 20+ years ago, and refused to pay my poll tax as a protest, until the council took me to court. I'm clearly very low risk as a borrower.
On the other hand, I realise lenders are really more interested in profit than risk. I've avoided credit for the past 6-8 years, cleared off loans deliberately and not had store cards. I've only used my Visa card very occasionally, and not at all for about 3 years. Is that likely to count against me? Is that why my score is 'good' but not 'excellent', and will that matter?
Also, a minor point - the Experian report show a 'Mr T Smith' linked to me as a 'financial associate' in September 1995 - which is not a name I know. Is it worth doing anything about that?
I almost wish I hadn't looked... It seems daft to fill my head with info I don't really understand! Should I just relax and feel confident my mortgage applications will be fine...?!
It didn't really tell me much...
The Equifax report was full of empty sections - it shows I'm on the electoral roll and there are no court judgements against me, but that's about it.
The Experian report was even less informative, though it did promise me a PIN within 5 days that will let me access more info. It told me my score was 'good', but not 'excellent'.
I'm just wondering whether it all actually means anything significant, and whether having nothing much in my record is a good thing or a bad thing, when it comes to getting a mortgage?!
I have had very little credit and debt in my life, compared to most people. I took out a mortgage 22 years ago, which I paid off early about 6-8 years ago. I have no other debt. I had past debts, but they were all paid according to repayment schedules. The only possible 'blot' in my whole life, I think, is that I was part of the anti-poll tax movement 20+ years ago, and refused to pay my poll tax as a protest, until the council took me to court. I'm clearly very low risk as a borrower.
On the other hand, I realise lenders are really more interested in profit than risk. I've avoided credit for the past 6-8 years, cleared off loans deliberately and not had store cards. I've only used my Visa card very occasionally, and not at all for about 3 years. Is that likely to count against me? Is that why my score is 'good' but not 'excellent', and will that matter?
Also, a minor point - the Experian report show a 'Mr T Smith' linked to me as a 'financial associate' in September 1995 - which is not a name I know. Is it worth doing anything about that?
I almost wish I hadn't looked... It seems daft to fill my head with info I don't really understand! Should I just relax and feel confident my mortgage applications will be fine...?!