Credit Report

What is a Credit Report?

Your Credit Report is a history of your financial conduct with organisations who you have borrowed money from.

For example if you have a credit card, mobile phone contract or a mortgage for example, the chances are that some information about your payment performance is being maintained by one or more of the Credit Reference Agencies.

Which accounts might you find on a Credit Report?

Your credit report contains details of the credit you have held or are still repaying. Such accounts might include: –

  • Credit Card accounts.
  • Bank Accounts.
  • Mortgage Accounts.
  • Loan Accounts.
  • Store Card Accounts.
  • Insurance Accounts.
  • Utility Accounts.
  • Mobile Phone Contracts.

How can you view your Credit Report?

You have a right to see the information a Credit Reference Agency is recording about you. There are four such agencies that I am aware of. They are known as: –

  • TransUnion.
  • Crediva.
  • Experian
  • Equifax

All four of the above agencies will allow you to see the information they hold about you. There are a number of ways you can do this, either online or through the post. There is a charge in most cases for this service although for example, Noddle do offer a Free Credit Report.

When you apply for Credit

When you apply for credit, the lender you are applying to will most likely carry out what is known as a credit search. They may search one or two of the above Credit Reference Agencies. When they search your Credit Report they get all the information it contains and this assists them in making a decision on whether to lend to you or not.

The data the lender sees may influence the interest rate you are offered as well as the most important decision, whether to lend to you or not. Different lenders also have different rules so whilst you could be declined by one lender, another may be completely happy to lend to you.

Information about your Accounts

If you hold say for example a Credit Card, information about that account is usually passed on to one or more of the Credit Reference Agencies. This typically happens on a monthly basis. The information could contain the following: –

  • How well you are managing the account. For example was your payment late or on time.
  • Your available credit limit.
  • Your current balance.
  • Information about when the account was opened.

Should you close an account, the information will normally remain on your credit file for a further six years from the data of closure.

Is there anything else on a Credit Report?

There is a large amount of information contained in your credit report. For example your current address. and financial associations as well as your previous addresses.

Another piece of information you can see is any public information held about you. This information tends to be about things like whether you have any County Court Judgments or if you have ever been declared bankrupt as an example

You can view a basic version of your credit report for free online. Visit my credit reports page to find out where you can get a free credit report from.

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