Expert help with your fraud problems
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Sonal asks: "Will my poor credit history stop me getting a mortgage?"
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James Jones replies:
"It depends on just what you mean by 'poor' - your chances will certainly be lower if you've defaulted on a credit account, had a court judgment for debt against you or had serious arrears. Things like judgments and defaults stay on your credit report for six years. They are less harmful if you have paid the debts - so make sure your credit report shows this if it is the case - and are likely to have less affect the older they get. They actually fall off your report automatically when the six years is up."
"Yet even if you are experiencing financial difficulties, you could still get on the property ladder. Some mortgage lenders are prepared to grant mortgages to people with less-than-perfect recent pasts. But do be careful and only go to a reputable company. Be prepared to pay a bit more in interest but do not pay over the odds. And don't be tempted to pay for the services of any so-called credit repair company - if information on your credit report needs changing, the leading credit reference agencies will do it for you free of charge.
James Jones is consumer education manager at Experian, a UK credit reference agency. He’s a spokesperson on consumer issues and runs Experian's consumer education programme, which seeks to make credit reports and the credit-granting process easier to understand.
