Credit Reference Agencies

When a mortgage is applied for then it is highly likely that a lender will obtain a credit search. Before they do this they must obtain the customers authority either verbally or in writing.

By undertaking a credit search a note will be made on the individuals credit file that a search was carried out and the information will be available to subsequent companies who may search a credit file. It is therefore important to limit the number of searches that are made, as this generally is an issue taken into account when reviewing a mortgage application.

In addition, once the mortgage is taken out lenders may provide information to credit reference agencies on the way mortgage accounts are managed.

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