Understanding your credit score

At Prosper Home Loans, we emphasise the importance of being proactive with your credit health, which is why we have partnered with Check My File to help you access a comprehensive credit report.

Why Should You Check Your Credit File?

Many borrowers only consider their credit history when they apply for a mortgage, but understanding your credit file well in advance can help you avoid unexpected issues. Here are some key reasons to obtain and review your credit file:

1. Understand Your Credit Standing – Your credit report provides a detailed history of your borrowing habits, including loans, credit cards, and payment history. It helps you see how lenders perceive you.
2. Identify Errors and Inconsistencies – Mistakes on credit files are not uncommon. Checking your report allows you to dispute inaccuracies that could otherwise harm your mortgage application.
3. Detect Fraudulent Activity – If someone has fraudulently used your identity to take out credit, it may negatively impact your score. Regularly reviewing your file helps you catch and resolve such issues promptly.
4. Prepare for a Mortgage Application – Knowing your credit score and history lets you take proactive steps to strengthen your financial profile before approaching lenders.

How to Get a Copy of Your Credit File

To ensure you completely understand your credit status, we recommend using Check My File, which provides data from multiple credit reference agencies. You can access your credit report for free with a 30-day trial via our partner link:

Remember to cancel the subscription before the trial ends if you do not wish to be charged.

Tips to Improve Your Credit Score and Mortgage Chances

If your credit score is not where you’d like it to be, don’t worry—there are several steps you can take to enhance your financial profile:

1. Register on the Electoral Roll
   Registering at your current address helps lenders verify your identity and improves your credit score.
2. Make Payments on Time
   Timely payments on credit cards, loans, and utility bills are crucial for demonstrating financial responsibility.
3. Reduce Your Credit Utilisation
   Using too much of your available credit limit can negatively affect your score. Aim to keep credit usage below 30% of your total limit.
4. Avoid Multiple Credit Applications
   Each time you apply for credit, a “hard search” is recorded on your file, which can lower your score. Space out applications and only apply when necessary.
5. Check for and Resolve Any Errors
   Review your credit report regularly and dispute any incorrect information that could impact your score.
6. Keep Old Credit Accounts Open
   Long-standing credit accounts with good payment history can positively impact your score, showing a more extended history of responsible credit use.
7. Use a Credit-Building Product
   If you have a limited credit history, consider using a credit-builder credit card or a small loan to demonstrate responsible borrowing behaviour.

Final Thoughts

Your credit file is a fundamental part of the mortgage application process. By obtaining your credit report and taking proactive steps to improve your score, you can enhance your chances of securing a mortgage with favourable terms. Use our Check My File partner link to get your free credit report today and take control of your financial future: Check Your Credit Report.

For further mortgage advice and assistance, feel free to contact the experts at Prosper Home Loans—we’re here to help you every step of the way!