Fixing credit rating - timescales

[GroundEffect]

So I'm imminently wanting to seal a deal on my ideal house but trying to get a mortgage in principle has hit a roadblock - the mortgage brokers are happy with my affordability (i.e. my income vs how much I want to borrow etc) BUT my credit report hit me a sore one.

Signing up for Experian I can see my credit score is actually pretty decent but there are some discrepancies - electoral roll, some address for credit card & phone contract not matching my current address etc. I've sent away the various information I need to fix that but what I really want/need to know is how long that will take to be seen on my report?

I have put an offer for the house and it's been accepted so it needs to be sharpish.

[Ollerton57]

Why have you put an offer on a house without a mortgage in principle if you need one??

I doubt records will update within a week or two. I know the one I use is updated monthly.

Definitely just a mid-matched address and not missed payments etc. as that will obviously take longer to rectify?..

[GroundEffect]

Yes I maybe got ahead of myself. I had presumed it would be no issue as I knew I met the affordability criteria.

I will get in touch with experian to check. If it's going to take a month then I need to make sure my offer would be okay to last that long with the agent and vendor.

[Ollerton57]

It may be different with experian. I'm in the process of selling/buying a house and registered with Noddle (free credit check) before going ahead and they were monthly.

[Sarnie]

Being correctly registered on the electoral roll makes a HUGE difference to your ability to be able to secure a mortgage. It will make the world of difference if they can see three years worth of electoral roll traceability.

Have you actually been declined a mortgage yet, as you haven't said?

[GroundEffect]

Sarnie said:

Being correctly registered on the electoral roll makes a HUGE difference to your ability to be able to secure a mortgage. It will make the world of difference if they can see three years worth of electoral roll traceability.

Have you actually been declined a mortgage yet, as you haven't said?

Yes, I was declined by Nationwide because of this issue. They have a two-part acceptance, first affordability then credit check. I passed the first part, failed the 2nd.

I just spoke to my local council and even though I've sent in my request to be added to the electoral roll, the register wont show until Feb 2014 for credit companies. Am I screwed? :/

[Sarnie]

GroundEffect said:

Yes, I was declined by Nationwide because of this issue. They have a two-part acceptance, first affordability then credit check. I passed the first part, failed the 2nd.

I just spoke to my local council and even though I've sent in my request to be added to the electoral roll, the register wont show until Feb 2014 for credit companies. Am I screwed? :/

Not neccessarily.

There are some lenders who will allow a manual verification of your address history, sounds like your broker needs to earn his money!

[GroundEffect]

That's a bit of a relief. I've got a meeting with my broker tomorrow - will hound them. Thanks.

Another question, could something as simple as the address registered for a phone contract could have an impact? It didn't match my current address (I rent and it was one of the things that slipped my mind when moved last time). I've fixed it now but it might take some time to show up any changes...

[Sarnie]

That alone wouldn't stop them lending to you. It wouldn't help but it wouldn't be a decline on it's own.

The electoral roll issues would be though.

[CaptainSensib1e]

Ollerton57 said:

Why have you put an offer on a house without a mortgage in principle if you need one??

Th majority of people I know (myself included) waited until they had an offer accepted before starting the mortgage application process. I think its pretty standard practice...

[CaptainPeanut]

You can, if I remember correctly, add a notice of correction to your credit file with Experian. This can be used to explain the situation and will be visible when a credit check is run.