CheckMyFile

CheckMyFile is a UK credit reporting service that collates information from the four most popular credit referencing agencies. You have a 30-day free trial and can cancel at anytime. 

  • See your data from 4 Credit Reference Agencies, not just 1- (Transunion, Equifax, Experian and Crediva)

  • Get an independent view with your CheckMyFile score. 

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How Does CheckMyFile Work?

CheckMyFile uses data from the four largest Credit Reference agencies as listed above and combine the data with other sources including the Registry trust, banking providers, telephone companies and electoral role. 

CheckMyFile has been established since 2000 and is a popular option for both mortgage lenders and brokers. 

Why Are Credit Scores Important When Applying for a Mortgage?

A credit check is run by any mortgage lender who is considering extending a credit facility to you.  Your credit score indicates the level of risk that is associated with lending to you.  Usually, a higher score means you're seen as lower risk - the more points you score, the more chance you have of being accepted for a mortgage, and at better rates. 

It is always worth the time to review your credit report, as information can be out of date and contain errors. CheckMyFile provides supports if you file a query or request for a mistake to be corrected.  

What Credit Score Is Considered Good ?

Each lender has their own criteria when it comes to lending. Some will have much stricter brackets for credit scores that they consider low-risk. A mobile phone provider is likely to extend lending to a customer with a lower credit score than a credit card provider might consider.

Likewise, CRAs also have their own measurement systems.

For example, some CRAs use a numbered rated system between 0-100, whereas others will score consumers on a scale of 0-1,000.

 

It is therefore wise to keep an eye on your credit score and to check the reports available from different CRAs. Having successfully applied for lending with one company does not always mean that an application to another will be approved.

Lenders look at your credit score to work out how stable your finances are, and how likely it is that you will be able to keep up with repayments.

They will also consider other factors, such as:

  • Your age

  • Your income

  • Your type of employment

  • Your living circumstances

How Are Credit Scores Worked Out?

Your credit score shows as a number, which determines your rating based on all the information stored on your credit file.

A credit file uses data from multiple sources, and relates to all types of lending, including:

  • Overdrafts

  • Credit cards

  • Loans

  • Mortgages

  • Electoral Roll

  • Register of Judgements

  • Insolvency information

  • Reports of bankruptcy and/or Individual Voluntary Arrangements (IVAs)

Credit scores also include information about how many times, and how frequently, different lenders have run credit searches.

How Can I Improve My Credit Score?
 

Any information which reflects a stable situation and a good history of repaying lending on time will improve your credit score.

 

For example:

  • Being registered to vote

  • Having a history of borrowing

  • Making repayments on time

What Reports Bring My Credit Score Down?
 

Any financial difficulties or late repayments reflect poorly on your credit rating and can bring your final score down.

Negative information can include:

  • Late payment reports

  • Being in mortgage arrears

  • Bankruptcy

  • Having defaulted on repayments

  • Never having borrowed before

  • IVAs

  • County Court Judgements (CCJs)

  • Debt management plans

  • Property repossessions

Each of these scenarios either doesn't provide enough information for a CRA to know whether you are an excellent borrower - i.e. you have no lending history to go against - or reflect that you have borrowed money in the past that you were unable to pay back on time.

Are CheckMyFile Reports Updated Regularly?
 

Credit reports do not tend to be updated instantly; so if you repay some borrowing, it may take some time to show up on your credit file.

Usually, CheckMyFile reports are brought up to date once a 'new event' is reported. The updates are typically noted once per month and can include any changes such as:

  • Repayments made

  • Additional borrowing taken out

  • Changes to your credit limits

  • Payments made on time

If you have had a change to any of your lending and your CheckMyFile report has not been updated, this usually means it is pending the next monthly review.

Each CRA has its own private database, and so it is not unusual for different CRAs to report events differently. For example, they might refresh data on different timescales, or request new data in different patterns.

To circumvent confusion these variances can cause, CheckMyFile collects information from all of the four largest UK CRAs to provide a better picture of your financial situation when applying for a mortgage or other type of lending.

Disclaimer:

 

This article is intended to provide a general understanding of the topic. The contents should not be treated as advice.

Your home may be repossessed if you do not maintain repayments on your mortgage.