What is my Credit Score?
What is my credit score?
When applying for a mortgage or personal debt it is always useful to know your credit score as each lender has different criteria when it comes to credit history and armed with the right information your adviser can research the market more effectively.
Your credit score is a figure given by credit referencing agencies such as Experian, Equifax and Noddle to give you an idea of how your credit history would be viewed by a lender. Each agency uses a different scoring system and the lenders use their own scoring system so these figures are just to be used as a guide.
How do I find out my score?
In the U.K the big three credit referencing agencies are Experian, Equifax and Noddle and each have their own pro’s, con’s and costs.
Experian (recommended)
https://www.experian.co.uk/
Experian are used by the most mortgage lenders for their own credit searches so when your adviser is researching the mortgage market for you having an Experian credit report to hand can be very beneficial.
They have a free credit score service which gives you your score but will not give you any details about your credit history or active debts, which is the important information for an adviser. The score itself is of little help for mortgage purposes.
Experian give you full access to your credit report on a free 30 day trial. You will need to input payment details into the registration but as long as you cancel within the 30 days you will not be charged. After the 30 days is up a monthly subscription of £14.99 a month will be charged.
Equifax
https://www.equifax.co.uk/
Used by a few mortgage lenders Equifax is a good alternative to Experian. They provide a very similar service and similar credit information as Experian.
The pricing structure is practically identical as Experian they have a 30 day free trial followed by a subscription of £14.95 a month.
Noddle
https://www.noddle.co.uk/
A U.K based credit referencing agency they provide a free credit report and score for life.
Their reports are great for the price of free but mortgage lenders do not use their services and we have had experiences in the past where lenders can see credit that isn’t showing on a Noddle report. If you have any adverse credit history (missed payments, defaults, CCJs etc) then Experian or Equifax would be a better service but if you have a clean credit history and just wanted a score and an idea of debt balances you can’t argue with free.
If you have any questions about credit reports and scores please feel free to call us on 01342 826 741 (East Grinstead) or 01323 409 849 (Eastbourne), or email office@sentryadvice.co.uk and one of advisers will be delighted to discuss things in more detail.
The blog postings on this site solely reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of Sentry Advice Limited. All comments are made in good faith, and neither Sentry Advice Limited nor the author will accept liability for them. No advice is given in any posting. Please contact your adviser for more information or advice.
Mortgages to Purchase a Property
Mortgages to purchase a property a fee of £495 is payable on application – this is fully refundable if we are unable to obtain a mortgage offer.
Remortgages
For processing a remortgage a fee of £295 is payable on application – this is fully refundable if we are unable to obtain a mortgage offer.
Rate Switch / Product Transfer
For processing a product transfer/rate switch where you are remaining with your current lender a fee of £145 is payable on application.
Adverse Credit
For applications where there is a history of adverse credit then a total fee of £495 will be charged, of which £245 is payable at the point a personal recommendation is made, whether you decide to proceed or not. The remaining £250 is payable if/when an application is made and is refundable if we are unable to obtain a mortgage offer.
Equity Release Mortgages
A total fee of £990 will be charged, of which £495 is payable at the point an application is made with a provider. The remaining £495 is payable if/when the application completes.
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