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Tag: CREDIT IMPAIRED
CREDIT IMPAIRED
Defaults on your credit file, what are they?
default on your credit file indicates that you have failed to make payments on a credit agreement, such as a loan, credit card, or mortgage, for an extended period (usually at least three to six months). When you default on a credit account, the lender closes your account and records the default on your credit… Read more
Credit impaired customers and the impact on mortgages
In the context of UK mortgages, a credit-impaired customer (also known as an adverse credit customer) is an individual with a history of credit issues that may affect their ability to obtain a mortgage or result in them being offered less favorable mortgage terms. This status is typically defined by certain negative marks on their… Read more