Experian offers advice to beat the mortgage freeze

Experian, the global information services company and UK's leading credit reference agency, today advised those nearing the end of their current mortgage deals to ‘spring-clean' their credit reports before they look for a new one.

With lenders tightening their credit criteria due to current market conditions and mortgage products being withdrawn on an almost daily basis, UK consumers are facing a mortgage freeze. For those looking to re-mortgage, it has never been more important to make sure their credit report is in tip-top condition.

James Jones, Consumer Education Manager at Experian, comments: "More than a million people will be coming to the end of fixed-rate mortgage deals this year, and Experian is already seeing increasing numbers of people checking their own credit report before applying for credit. Quite understandably, consumers are taking much more interest in their credit status."

Experian offers the following advice to those looking to beat the mortgage freeze:

Make sure you're registered on the electoral roll at your current address - not being registered could put a dent in your credit score

Make sure past debts and arrears are paid off and add a note to your credit report if you got into difficulties for a good reason

Close cards and other accounts you no longer use - lenders may take account of any available credit even if you are not using it

Check your financial associations (people you are linked to on your credit report) and query any associations that no longer apply

Query any unnecessary credit searches (quotation, enquiry and ID check searches do not affect your credit score)

To order their credit report, consumers should visit experian.co.uk.