How to find out what your credit report is
Your credit report is a valuable document: with a poor or less established credit history, you may have difficulty getting a mortgage, borrowing for a car loan, or being approved for a personal loan or credit card.
Individual lenders will use their own criteria when deciding whether or not to lend money to you, but they also rely heavily on data sourced from credit reference agencies.
Many people don’t know what their credit report looks like, but if you ever plan to buy a house or car, it is important to regularly check your credit score. It’s relatively easy to gain access to it.
You can request a copy of your credit file from one of the following credit reference agencies. They will often provide a free report to begin with, which will help you understand your credit file and learn which aspects lenders focus on to make a credit decision.
• Call Credit www.callcredit.co.uk
• Equifax www.equifax.co.uk
• Experian www.experian.co.uk
Lenders will use all three agencies, so it’s a good idea to contact each of them. Under the Data Protection Act, credit reference agencies are obliged to provide you with a Statutory Credit Report for a fixed fee of £2. To gain access to this, you’ll need to provide your full name, date of birth, current address and former addresses for the previous six years.
The statutory report contains your basic credit file and is usually posted to you within seven days. Each agency can provide more detailed information, such instant access or continuing online access to your file, for a slightly higher fee.
Once you receive your credit report, look at the listed entries in detail. You will find information relating to organisations you use, but if you see any transactions or listings that you don’t recognise, contact the company immediately for more information.
If it turns out that the transaction is not legitimate and you are the victim of identity fraud, you should report the matter directly to the financial institution concerned. They will be responsible for investigating the claim, and if appropriate, they will report cases of criminal activity to the police. Note that this is only applicable in England, Wales and Northern Ireland.
Questions and Answers
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