Why is my credit score so low?
If your credit score is low and you’re not entirely sure why, this article should help shed some light on the possible culprits. Instead of guessing or relying on unfounded myths, our specialist mortgage advisors have put together a helpful list.
How to identify issues on your credit report?
Once you’ve accessed your report through one of the websites, the next step is understanding how to interpret the results and findings. The report should clearly highlight any key issues.
Below are the types of financial data that can affect your report:
- Whether you’re on the electoral register or not – this is required for mandatory identity checks
- Whether you owe money – and how much
- Details on any late or missed payments
- Financial links with other people (such as a joint bank account or mortgage)
- Details of any hard credit checks
- Any defaults, county court judgements in the last six years
- Whether you’re bankrupt or in a formal debt relief plan
- If you have committed or been a victim of identity fraud (this will be held on your file under the CIFAS section)
- Records of other lenders that have searched your file when you’ve applied for credit
Sometimes, you might not agree with some of the data or information that’s presented. In this instance, it’s worth checking with the other credit reporting bureaus to see if their reports differ. If they do, then you may be able to dispute the score.
The three credit score bureaus in the UK you can use are as follows:
Need help boosting your credit score to get a mortgage? Contact the bad credit mortgage specialists at Agentis today. We’re a Whole of Market broker that brings our expertise and knowledge to help people from all walks of life get on the property ladder. Contact us today to book your free initial consultation.
