Your credit report shows both you and potential lenders how well you’re currently managing credit, and how well you’ve managed it in the past.
As a mortgage is a form of credit, it should appear on your credit report if you’re a homeowner. So, if your mortgage doesn’t appear when you check your credit history online, it’s best to get it corrected.
Updating your records
Your credit history is held and updated by all three of the main credit reference agencies (Experian, Equifax and CallCredit). Sometimes it’s possible that information is incorrect or missing from one of their reports, but it’s vital to get these issues ironed out as soon as you can.
If you’re paying your mortgage regularly but it’s not showing up on your credit history, it won’t be having the positive effect that it should be. This is important as you’ll want future lenders to see that you’re a reputable and responsible borrower.
To get your mortgage included on your credit report, it’s a good idea to get in touch with your lender first. In rare cases, they may not have passed the information on to the credit reference agencies, which could result in your mortgage not appearing on your credit report. Alternatively, you could get in touch with the credit reference agency in question and inform them that your mortgage isn’t showing up – they should be able to advise you on the steps you should take.
Although it’s uncommon for mistakes like this to occur, checking your credit history often is a good way to avoid any issues going unnoticed.
Other mistakes could crop up on your report – such as defaults or similar marks against you – and it’s just as important to get these fixed as soon as possible. Not doing so could harm your credit score and make it difficult for you to be accepted for credit in the future. If you do find mistakes, you should get in touch with Experian or CallCredit directly if it appears on their reports, or the lender in question if it the error is only present on your Equifax report. Spotting these mistakes early can mean you can get them corrected quicker and prevent your credit history suffering unnecessary damage.
Alternatively, if there’s something on your credit report that you don’t think fully explains the situation – such as if a default was due to being made redundant – then you might consider applying for what is called a “Notice of Correction”. These short entries allow you to explain the reasoning behind a negative entry, which future lenders may take into consideration when assessing your application.
You can use the free services ClearScore and Noddle to access your credit report for free, so you can check it as regularly as you like.
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Intelligent Lending Ltd (Credit Broker). Capital One is the exclusive lender.