The Sunday Times
Monday May 27, 2019

Does a credit check affect your credit rating?

Good Morning Folks I am thinking of buying a new property for which I will need a mortgage. For this, I am thinking of going to a mortgage broker to get me the best deal. However, I am thinking of going to more than one broker in order to do this, so that I can compare their services. So you think this is a good idea? Also, each broker would want to do a credit check on me before acting on my behalf. So, would more than one credit check done affect my credit rating? Thanks in advance for your responses.

Asked on Apr 18 2014, Home Finance in Wolverhampton | Report content

Answers (1)

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  • Hi, I work for a mortgage broker (not as an adviser though, and this isn't 'mortgage advice' - just general advice). The credit searches we do on customers are what's called a 'soft' search, which does not show up on your credit file. The company I work for carry them out annually on employees too (to check we're fit and proper) and I know the soft-search never appears on my file (because I check it!) If you are going to try several brokers (and there is nothing wrong with shopping around!) then ask them if the credit search they do is 'soft' - they should know what you mean. What may cause you problems would be to apply to multiple lenders (e.g. banks) who will do a proper (hard) credit search on you, which will show up on your file. Too many credit searches in close proximity to one another may be an issue with some lenders, so are best avoided. I've left a link to the company I work for, we'd love to hear from you! Good luck buying your new home, I really hope you are very happy there. best wishes, Amelia

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    Answered on Jul 30 2014, Report content

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