When you apply for credit such as a credit card, mortgage or loan, the lender will usually access your credit report from various credit reference agencies in order to help them make a decision about whether or not they will give you credit.
A credit report is an analysis of your past credit history. This information includes the type of credit you have previously applied for from various lenders, the amount of credit and an analysis of your repayment record. All of this information is factored into what your current credit rating or credit score is.
Where does the credit report information come from?
The data in a credit report is compiled from various sources including:
- Lenders you have previously had dealings with such as banks and credit card companies
- Financial information from utility providers such as gas or electricity and mobile phone contracts
- Public records such as local authority electoral roll information on County Court Judgements (CCJs) and bankruptcies
What information is included in a credit report?
A credit report will contain a lot of useful information for lenders including:
- Your full name and any aliases you have had
- Your current and previous address history from the electoral roll
- Credit agreements you have applied for in the past
- Financial associates such as a joint mortgage
- Your repayment history
- Information on County Court Judgements or insolvency issues
Why should I access my credit report?
Getting access to your credit report may help you understand your credit situation when applying for credit or getting a mortgage. It may help you identify issues with your credit history that is preventing you from obtaining credit or it may highlight some inaccuracies that you need to get corrected.
How do I access my credit report?
You can order your Statutory Credit Report for £2 that can be sent to you in the post.
A number of companies offer online access to your credit report plus a number of additional benefits. Most companies will offer you a free trial period followed by a monthly fee if you choose to continue with the service.
Compare credit report providers with PocketRate
Use our Credit Report Provider Comparison table to compare the features, benefits, cost and trial periods across a number of leading providers.
|Company||Features||Trial Period||Subscription Per Month|
|Experian||30 Days||£14.99||See Deal|
|CreditReport.co.uk||30 Days||£12.99||See Deal|
|Credit Angel||30 Days||£14.99||See Deal|
|Equifax||30 Days||£7.95||See Deal|
|UK Credit Ratings||14 Days||£19.95||See Deal|
|CheckMyFile||30 Days||£14.99||See Deal|