Viewing credit report could improve mortgage success

23 August 2005
Those seeking a mortgage could improve their chances of success by obtaining a copy of their credit report, a mortgage adviser has revealed.

According to MortgageFit, almost 80 per cent of credit reports, used by lenders to assess applicants for loans and mortgages, contain errors.

These reports, which reflect the applicant's credit history, including factors such as outstanding credit, the time taken to repay, late payments and bankruptcies, are often a major factor in the lender's decision.

Applicants who request a copy of their credit report before submitting their application could take steps to improve their credit rating, MortgageFit claims.

Closing down superfluous credit card accounts, settling outstanding bills and verifying all listed account numbers should all help prospective homeowners to secure the mortgage they require, the mortgage adviser states.

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