Important information regarding your credit file

Within the last 18 months banks have started looking much more closely at applicant’s credit files. This reduces the documentation needed for an application and makes the process faster. However, if there are any misdemeanors on your credit file, this has a much greater effect than before and may mean the bank doesn’t approve the application. Important information to note:

–         Anytime you apply for any type of credit – car/home/personal loan (as well as a phone plan or utilities contract), there is an inquiry placed on your credit file. This stays on your file for 5 years. The more you have the lower your credit score (generally speaking).

–         Any payments missed by 14 days or more will show up and stay for 2 years. I have seen banks not approve a home loan due to one missed payment on a credit card from 12 months ago.

–         A credit repair specialist can usually rectify any issues which arise on your credit file that prevent you from getting the best home loan deal. Usually this process takes time (months not weeks), so is important to have rectified as soon as you are aware of them.

If you have any questions please reach out, Tom.


Written by Tom Morison

I have a genuine desire to create a strong reassuring sense of trust, confidence and satisfaction for my clients. It’s important that I provide you with the knowledge I have so you can make the best decisions for yourself with my guidance.
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