CREDIT REFERENCE AGENCIES - CREDIT REPORTS

Make sure you credit report is correct and update to improve your chances of borrowing.

What is your credit report?

Your credit report is an important document that details all your financial history. Credit reports contain information about any current loans or credit cards you currently have or have had. It contains electoral roll information and whether you have had any CCJs, IVAS or been declared bankrupt. It holds all your payment history, any applications you have made and any debts you have had or are outstanding.

Why is a Credit Report important?

Credit reports are used by banks, building societies, lenders and other financial institutions to decide whether or not to grant you a loan or line of credit. Not only will a credit report determine whether or not you are suitable to lend money to but lenders will also use it to decide how much money to give you and what interest rate they will charge.

Unfortunately, you will find the better your credit report, the better products you will have access to. In general those with a good credit report are more likely to me given more money with lower interest rates.

Can you access your credit report?

Yes by law you have the right to request a copy of your credit file. By using a credit reference agency you can gain access to your own credit file.

They offer access to a copy of your credit rating and your credit report online, along with help and assistance to understand your file and how lenders and banks view you. Many agencies offer a free trial period and are free to register.

Why use a credit reference agency?

As mentioned your credit report is an important document so you need to make sure all the information in it is correct and accurately reflects your financial situation. This is because any information that is inaccurate, out of date or wrong can adversely affect whether or not you can get the product you want.

Another benefit of using a credit reference agency is that they can monitor you report for you. This will alert you to any activity that you do not recognise which could be potential identity fraud.

Finding the best service

Make sure you choose the company that can best offer you access to your report. Also look at whether they offer additional features such as fraud monitoring. Take the time to research the market and compare different services against each other which you can do in the table above.

Always read the terms and conditions fully and make sure you have a full breakdown of what fees are involved. Use the table above to compare different services that offer access to your credit report.