Are credit reference agencies able to determine what debt is outstanding on credit cards?

I am in the process of taking out a mortgage with my local bank but am concerned this will be rejected due to outstanding debt on credit cards. I am aware that credit reference agencies used by the banks are able to identify what credit cards and loans an applicant currently has, but are they able to confirm what credit has been used (particularly with credit cards) and what debt has been run up?

Are credit reference agencies able to determine what debt is outstanding on credit cards?

Your credit score will tell the full story. Yes, the banks and financial institutions will be able to get the full report on your credits. However, as for housing loans, they used a different formula this is because housing loans are considered as with collateral.

Are credit reference agencies able to determine what debt is outstanding on credit cards?

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Are credit reference agencies able to determine what debt is outstanding on credit cards?

Creditors report the following information on consumer debts:

Date account was opened

Credit limit

Current balance

Monthly payment

Payment history

The payments reported will be used to calculate your debt to income ratio including the new mortgage payment (PITI). IF there are discrepancies (you%26#039;ve paid off something and it still shows a balance due) you must provide documentation to confirm the correction.

Are credit reference agencies able to determine what debt is outstanding on credit cards?

Yes. Your credit report includes data on how much debt and of what kind they are, as well as if you are current on payments.

BUT

Your credit score also plays a role and is a bit more of an in depth measurement of % of debt to credit limits and so forth. I am sure there will be at least one mortgage banker here that can expand on this.

Are credit reference agencies able to determine what debt is outstanding on credit cards?

Generally they are by viewing a credit bureau. They are usually about 30 to 45 days behind in reporting the current activity. But for the most part they are a reliable method to view current and past history. If you paid an account and it hasn%26#039;t processed showing paid, you can usually call the credit card company and have them email or fax verification that a payment has been made.