Would you Like to see your Full UK Credit Report
Applying for a Copy of Your UK Credit Report
Making an application for a loan, credit card, or other financial product will typically result in your credit report being checked. This is standard procedure for any financial institution and is part of the checks they do to assess the risk of making a loan to a customer. Anyone should therefore take the time to check what their report shows and this is relatively simple to do.
Companies Compiling Reports
There are three agencies in the UK that compile reports. These are Experian, Equifax, and Callcredit, with each of these preparing a separate credit report that financial institutions can use to assess your credit worthiness.
What a Report Shows
A report is designed to show your credit history and this can comprise a variety of information that includes:
- Bank account details.
- A list of all credit arrangements such as loans, credit cards, and payment setups with utility companies. Information about how these have been repaid is also included.
- County Court Judgments in relation to bankruptcies, house repossessions, and other credit defaults.
- Anyone that is financially linked to you as a result of financial products such as joint bank accounts or co-signed loans.
- Personal details such as name, address, and date of birth.
How to Get a Copy of your Report
There are a few ways to get hold of a report. The credit agencies have an obligation to provide a statutory report to anyone that requests one from them. This costs £2 to purchase and can be provided as a written report sent by post or as an online digital report. This typically shows a brief snapshot of your credit history.
It is also possible to get a more detailed copy of a report by signing up with the credit agencies. They charge a monthly fee for the privilege of doing this although it is possible to take advantage of the free trial period they offer to make initial checks of your credit history. It is also worth looking to Noddle, which is a free service offered by Callcredit for access to their report.
Checking your credit report regularly is common sense to know exactly what it shows. This allows you to report any errors and have these removed so that the information is up to date. This can be the difference between being accepted or rejected the next time you apply for credit.
How to check your personal credit report in the UK
If you have ever wondered what criteria banks and financial institutions use when they carry out a credit check, it might be time to check your credit report. Your credit history can have an effect on whether you will be accepted for financial products such as mortgages, credit cards, or bank loans. You may want to check your credit report to ensure that it is up-to-date and contains accurate information about your financial history.
There are three credit reference agencies that compile information on how you have managed credit in the past. These are Callcredit, Experian, and Equifax. You might decide that you want to check your credit report with one of these agencies, or check all three for a more comprehensive overview of your financial history.
The three credit reference agencies have to provide you with your credit report for a small fee (currently £2). This is known as your statutory credit report, which will show you a brief overview of your credit history. You can ask for a printed copy of your statutory credit report to be sent you in the post, or you can check your report online.
Both Experian and Equifax may charge you to check your report, although you may be able to check your report for free for a limited time (usually 30 days). However, you will usually need to provide debit or credit card details when signing up to a free trial. Money will be debited from your account unless you contact the company to cancel the service within the required time. Callcredit, who now operate under the name Noddle, will also provide you with access to your credit report online for free.
Checking your credit score is important because the information contained on the report will determine whether you will be accepted for finance. Banks and financial institutions will use this information when they carry out a credit check. Having a poor credit history, or no credit history at all, can make it more difficult when applying for credit, and you may be limited to the type of finance that you can apply for. Different lenders will have different scoring criteria when it comes to approving credit applications, so having a good credit score will not guarantee that you will be accepted for a particular financial product.