Did you know that your credit report information is very important to lenders when they are deciding whether to give you a loan or credit card? Which is why it's important to make sure your report is accurate and up to date.
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Credit Reports Common Questions & Answers
• What information does a credit report contain?
• Where do credit reporting agencies get their information?
• How can I view my credit report?
• How much does a credit report cost?
• Can other people living with me affect my credit rating?
• Can I be put on a credit blacklist?
• Does my partner's credit rating affect mine?
• What are the benefits of viewing my credit report?
What is a credit report?
Credit reports are a record of information about your credit activities. The are held by credit reference agencies, who use the information to find out what kind credit you have obtained in the past. This includes what repayments you have made, how regular you have paid repayments and whether you have missed any payments.
When you apply for any type of credit, the potential lender will check your credit report to find out if you able to repay the debt and also to see how reliable you are likely to be with payments.
What information does a credit report contain?
Your credit report contains a range of information to help lenders determine whether you can be relied upon to repay a debt and also to help avoid identity:
Your credit report contain the following information:
Your current and previous addresses.
Details of any other names you've been known as.
Details of whether you are on the electoral roll.
Public records such as County Court judgments or bankruptcy you have been involved in.
information on your credit accounts, such as the number of loans, mortgages and credit cards you have and whether you have made your repayments on time.
Details of lenders or providers who have accessed your credit report within the last year.
fraud warnings, if someone else has previously tried to use your information to apply for credit.
Where do credit reporting agencies get their information?
Information on your credit agreements and financial associates comes from the lenders themselves. Some lenders only share details of missed repayments and other negative information. Others share positive information as well, including if you have made regular repayments.
The additional information on your credit report comes from public records, including the Electoral Roll and County Court records.
How can I view my credit report?
You can order a copy of your credit report from a credit reporting agency. The main agencies are Experian, Equifax and Call Credit.
These agencies offer the option of ordering a hard copy of your statutory credit report through the post or viewing your credit report online. Online credit report packages often include additional services and advice to help you understand and improve your credit.
How much does a credit report cost?
The charge for a copy of your statutory credit report is £2. You can order the credit report through the credit reporting agencies who will send a copy of it to you in the post.
You can get a free trail with some online credit report packages, such as Experian's CreditExpert service, which allows you to view your report online. CreditExpert offers a free 30-day trial of there service. Most online packages will also offer free advice on improving your credit rating as well as free email updates informing you of any changes and potential Identity fraud alerts.
Can other people living with me affect my credit rating?
Your credit report contains information about you only, so even if you have other people living at the same address your credit report will not be affected by any of their credit rating. Even if you have a joint account or mortgage, this will still not affect your credit rating.
Can I be put on a credit blacklist?
If you've been declined credit in the past doesn't mean you're on a credit blacklist. In fact there is no such thing as a credit blacklist. Your credit report is viewed by lenders in order to decide whether you are a risk. Each lender has there own way of deciding whether you are risk, so just because one lender rejects you doesn't mean another will.
Viewing your credit report can help you improve your credit rating and avoid being rejected for credit in the future.
Does my partner's credit rating affect mine?
Your credit report shows the names of anyone you have a joint mortgage or joint account with, but information about their credit history is not included in your report. Still, many lenders will choose to look up a financial associate or partner's credit report and they may use this information when deciding whether or not to grant you credit.
What are the benefits of viewing my credit report?
It is a good idea to check your credit report before applying for a new credit account such as a loan, mortgage or credit card.
By viewing your credit report you can:
Identify opportunities for improving your credit rating. Often the credit reporting agency will provide you with advice on how to improve your credit rating along with your credit report.
Spot any errors and ask for a correction. You will need to provide proof that an error is in fact an error.
Find entries that could benefit from explanation via a Notice of Correction . If there were special circumstances that caused you to miss payments, an illness for example, you can inform the credit rating agency and future lenders will see the notice.
Monitoring your credit report also gives you a chance to protect yourself against identity fraud. If you see an unfamiliar entry or a credit report search you have not authorised, it could mean someone has been trying to use your information to borrow money. By spotting potential fraud quickly, you can take action to stop it.
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