Are you a first-time buyer, a switcher or looking to move or trade up? Before you apply for your mortgage you are probably wondering if your application will be approved? One important factor on your mortgage approval outcome will be a credit check by the lender. Under EU law, lenders must assess your creditworthiness which basically means your ability in repaying the loan.
Why should you check your credit report?
It is good to review your credit history on a regular basis especially before applying for any personal loan, credit card, any HP, PCP finance or a mortgage. Even if you have no outstanding loans or credit card debt, a mortgage lender may turn you down because you have a poor credit history based on past loans.
What Do Lenders Look for in Your Credit History?
Lenders will be particularly wary if you have ever failed to repay a loan in full or have had the loan term adjusted because of difficulty in repaying a loan. Lenders will also use a credit check to make sure your name and address details are accurate, so making sure these are up to date is important. Even if you think your credit record is good, you may discover things on your report you didn’t know about like arrears on an old loan you had forgotten about, a loan that is still showing as outstanding but has been actually cleared or loan arrears that have long been paid off.
How to Check Your Credit Record:
To apply for your credit report, visit the Central Bank link: https://www.centralcreditregister.ie/. You will need to complete an application form and provide three types of identification documents:
- Photo with signature (such as a passport or driving licence)
- Proof of your address (must be no more than 6 months old)
- Proof of your PPS number
Personal data held on the Central Credit Register includes your name, date of birth, address, gender, telephone number and personal public service number PPSN. Credit data held on the Central Credit Register includes the loan type, such as mortgage, credit card, overdraft, personal loan, business loan, HP, PCP, etc.; the amount borrowed and the amount outstanding.
How to Amend Your Credit Record:
If you believe some of your data is inaccurate, incomplete or not up to date on your credit report, you have a right to request that the data be amended. This process can also be found on the Central Bank link above.
Why Choose Ezfees Financial:
For more information call 0818 910800 or email email@example.com. Our qualified, experienced, and friendly Mortgage Advisors will guide you every step of the way. We understand that applying for a mortgage can be a daunting and confusing experience, and we’re here to help you. Contact us today to learn more.