CheckMyFile.com have recently launched a brand new TV advert stating that most other credit agencies offer a ‘one-dimensional’ view of your financial position (and they are right).
What most people aren’t aware of is that when you are applying for a mortgage or any credit, your credit score is only part of the consideration for acceptance. The payment history of your credit accounts going back 6 years is also considered in the lender assessment.
Just another new Credit Agency?
CheckMyFile.com have actually been around since March 2000 which we found surprising. There are quite a few credit reference agencies in the UK now to choose from. However, the main ones that the lenders use are typically CallCredit (Noddle), Equifax and Experian.
There are other credit agencies such as ClearScore who also advertise on TV, but they are only good for a quick check on your credit score or a ‘snapshot overview’ as we like to call it.
Before we used CheckMyFile, you would simply sign up to one of the individual credit reference agencies and hope that the credit data held about you is the same across the board. Following our personal experience as mortgage advisors, this is not always the case.
Check what the lenders see before you apply
Lenders are now increasingly comparing data about us from multiple credit reference agencies. This not only allows them to build the most comprehensive credit profile about you, it also checks for any differences in your account payment history over four credit agencies, not just the one.
As mortgage advisors, we have had customers tell us in the past that they have found a mismatch between two different credit reports they have obtained.
Often, you won’t know about a mismatch of the reported data held about you until you have applied for credit. If you wait until this point, it could be too late.
It is important to make sure that the payment history and information held about you is being correctly reported and recorded via the top credit agencies in the UK. CheckMyFile.com does that all in one report.
What the lenders want to see:
A free credit score is a great gimmick used by other credit agencies to promote their services. However, what matters most to lenders is your payment history of accounts. The credit score is then the icing on the cake or the ‘snapshot overview’.
With the increase in competition and with more and more credit reference agencies advertising on TV in the UK, it is now more important than ever to use a comprehensive credit report provider.
Does CheckMyFile offer the most comprehensive Credit Report in the UK?
Yes, for now.
We have been using CheckMyFile.com for several months now and as mortgage advisors / brokers, it really does give us the best picture of your credit profile to be able to place you with the most suitable lender.
The fact that you get a single report that incorporates data from CallCredit (Noddle), Equifax and Experian all in one means that you and I have the best chance at viewing all of the recorded credit data held about us.
Author: Ben, Glow Mortgage Advisor (CeMAP, BSc Hons)
First Published: 29th November 2017
Last Updated: 27th March 2019