Free Credit Reports - Myths Uncovered
Free Credit Reports are important because depending on their content, they can cost or save you money. If they contain negative factors, or are incorrect, then you will find it hard to obtain credit in the first place, and if you do obtain credit, it will be at higher interest rates.
Credit Reports are created and updated by the UK three main credit reference agencies, which include Experian, Equifax and Callcredit. These are marketed as free credit reports.
When you apply for something, your credit file can be checked with your permission, credit checks can be made when you apply to rent a house, store credit, apply for a job, apply for a finance product such as car finance, loans, mortgages, credit cards etc, so your credit report impacts all parts of your life!
The top myths surrounding credit reports:
- Individuals can access their credit report (not just lenders and financial institutions), you have more than one credit report, as one is compiled by each credit reference agency.
- Nothing is Free – Free credit reports are actually first month free credit reports, with recurring monthly payments after the first month.
- There is no blacklist of consumers, who should be refused credit.
- Individuals do not have one credit score or rating, lenders work out your score every time you apply for credit or finance. These score can differ between different products, you are applying for, for example credit cards versus loans. Lenders understand the profile of an excellent customer and use your application details and credit report to mark you against this.
- Looking at your credit report, does not count as a search or footprint on your credit history.
- The credit reference agency does not dictate whether you are accepted or not for a credit application, the company you are applying to makes the decision.
- In an application it is not just the credit report content, which is considered, the lender also looks at your application details.
- Your credit report, does not contain details including, salary information, employment status, criminal records, employer details, any savings accounts you have.
- Only the lender can tell you why your application was rejected not the credit reference agency.
- Financial information on people who lived at your address previously cannot impact you with your applications.
- Credit Repair companies cannot do anything consumers cannot do themselves,. You cannot pay to remove negative sections of your credit file. Credit Repair companies often make false claims such as being able to remove county court judgments from your credit file (they stay on file for six years unless the person pays the full amount owed within one month of the judgement being issued.
Your credit report does contain the following key information:
- Public Information including your Electoral Roll address, County Court Judgements, Bankruptcies, IVA's (individual voluntary arrangements).
- Searches on your credit file, for example which lenders may have checked your credit history when you applied for credit.
- Reposessions
- Credit Account Information – Including credit you have up and running, total outstanding amount, if payments are made on time, if credit arrangement are settled.
- CIFAS – Identity fraud notes, where companies will update if an individual has been a victim of identity fraud.
- GAIN – Shared details on consumers who have moved without letting companies they owe money to know.
Questions and Answers
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