A good question. What is a Credit Report?

Well a credit report is a complete overview of your credit accounts and how you have managed them, along with other information from public and private sources.

If you have taken out credit, then it is likely that a credit reference agency is being provided with details of how you have managed that credit.

What types of accounts are recorded on your Credit Report?

A credit report is a history of any credit you have had, along with other information and can include accounts such as: –

1. A Credit Card Account.
2. A Bank Account.
3. A Mortgage Account.
4. A Loan Account.
5. A Store Card Account.
6. A Mobile Phone Contract.
7. Insurance Accounts.

Viewing your Credit Report?

You are able to view the credit report held by the credit reference agencies. The main credit reference agencies in the UK are: –

1. Experian.
2. Equifax.
3. Call Credit.

Each of these credit reference agencies will allow you to see what data they hold about you. You are able to access your report online through various companies and you can also write to the agencies to request your report for a small fee.

Making an Application for Credit

When you make an application for credit, a lender will typically refer to a credit agency to see how you repay your accounts, if you have any missed payments or have any defaulted accounts. It is also used to prevent fraud.

The information the lender receives can influence how much interest you will be charged on a loan for example. If you have no late payments and manage your accounts well, then you may be perceived to be a lower risk than someone who has missed a couple of payments.

Account Information on your Credit Report

When you have an active credit account, information about the account is passed on to the credit reference agency, usually on a monthly basis. This information contains information such as: –

1. If the account is being paid and if payments are made on time or late.
2. How much is owed.
3. The Credit Limit available.
4. The date the account was opened.

When an account is closed, the information will still remain on your credit report for up to six years.

What other data is on a Credit Report?

Your credit report will show your current address as well as any linked addresses, for example your previous address. This information is stored for up to six years.

Public information is also available on your credit report. Public information is things such as whether you have any County Court Judgments, been declared Bankrupt, are in an IVA and information from the Electoral Roll.