When preparing to apply for finance, it is worth understanding what a lender may see when reviewing your credit profile.
Your credit report can contain information about your credit accounts, repayment history, previous applications and any recorded defaults. Your credit score is then calculated using information contained within that report.
Reviewing your credit report before applying gives you an opportunity to:
- Check that your personal details are correct
- Review the credit accounts and applications recorded in your name
- Identify accounts or enquiries you do not recognise
- Confirm that repayment and default information is accurate
- Request a correction if any information is incomplete or incorrect
Knowing what appears on your report can help you approach an application better prepared, and reduce the chance of discovering an unwelcome surprise once the assessment is already underway.
A little homework beforehand could make the finance process much smoother.
