Before you make a decision about borrowing, you will need to check your credit report.
We would recommend you review your personal credit report before you approach lenders, and at regular intervals to ensure it is correct.
The reason for this is that once an application is made to a lender they will access your credit file information via one or more of the recognised credit reference agencies, before they commit to making a formal offer to you.
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How credit scores work
There are four main credit referencing agencies in the UK, and they will paint a picture of you, by scrutinising all of your personal banking information, to determine how well you manage credit.
The information is summarised to produce a single number, which is known as your credit score. Credit scores are considered to be very important, here in the UK, in personal finance, mortgage and commercial lending.
As part of your borrowing assessment, we will establish the precise details of your credit history, in order to approach the most suitable lender, based upon your credit score. We believe the best way for you to understand your credit report and score, is to see it for yourself. There are two ways you can achieve this, you can personally request your report from any or all of the big four credit referencing agencies on an individual basis, or you could go through our partners, who use a simple, line-by-line comparison to show you the information held about you by Equifax, Experian, TransUnion and Crediva, all in one report.
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Once you have a copy of your report, please contact us at Quantock Financial Services to discuss the next steps.