Are your credit details correct?
Before applying for a mortgage or any other financial product, it’s important to check that your credit status and financial history are correct and up to date. This information is recorded online by Callcredit and Equifax. The details they hold are almost always the same as those reported by Experian, and you can access them using a quick and simple service called Check My File.
With Check My File, you only need to look in one place to find out if the information that’s held about you is accurate. You’ll be presented with a user-friendly line by line comparison of the details held about you by the different agencies – so you can see straightaway if anything’s wrong.
What are your creditors saying about you?
When you log into Check My File, take time to make sure all your details are accurate and up to date. In particular, look for information about whether or not you’ve missed any payments in the past, if your personal details are recorded correctly and whether all your existing credit agreements are listed.
If any contracts have come to an end, check they’re marked as closed and paid in full on your credit file. And make sure your account balances and credit limits reflect your current situation.
Track your credit history
There are many providers that will allow you to check your credit score, so it’s easy to monitor how your use of credit has evolved over time. You’ll be able to look at how much you’ve borrowed on mortgages, credit cards, loans and other forms of credit such as Hire Purchase over the last six years.
This will help you form a wider picture of your overall finances, which is especially helpful if you’re looking to cut down on your borrowing or restructure your debts to reduce costs.
Personalise your account
A useful feature of Check My File is the ability to change the name of one or more providers on your credit report to make it more personal and meaningful to you. For example, if you took a loan out with Joe Bloggs Bank to buy a car, you might change the name to ‘Car Loan’ so you can identify it easily.
This feature is particularly helpful if you have more than one account with the same institution, for example, a credit card and personal loan with the same bank.
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