Bad Credit Mortgages and Rating Scores – What they know about you

A bank will give you a different bad credit rating score depending on your financial history; the worse your credit record has been the higher the risk is giving you a bad credit mortgage and therefore you are charged more interest than normal to cover the banks exposure to risk.

The bad credit mortgage application form will give the lender details of your salary, family size and whether you're a home owner.

A detailed credit check will be carried out using one of the major credit reference agencies, such as Experian or Equifax, this process is normally very fairly quick.

The agency data comes from:

• Electoral roll information. This is publicly available and contains address and who lives with whom details. If you aren’t on the electoral roll then you need to get on.


• Court Records. County Court Judgements (CCJs) and Bankruptcies indicate if you have a history of debt problems. If you have any CCJ’s that have been paid off you need to make sure your record has been updated with the correct information. It could be showing as still outstanding even if you have paid it off


• Financial Data. Banks, building societies and other financial organisations compile details of all your payments and transactions history. Around 350 million records a month are tracked. There are 2 types of data; ‘black data' details of any defaults, late payments or problems and ‘white data' how you generally operate the account.

What they don't know about you

The following things are NOT listed on your credit rating report:

• Medical History
• Criminal record
• Child Support Agency
• Fines
• Savings Accounts
• Credit Accounts opened before 1994
• Student Loans

The only exception is if you have a County Court Judgement against you for non payment, that it can be included.

Apply now for a Bad Credit Mortgage and Click n go Mortgages will find you the best deals on the market.