Credit Report Help
UK based individuals can see their own credit report
using My Credit Report and our Corporate Credit Reports give our
business clients access to instant credit checks on any UK based business or person.
Personal credit files prompt many queries and concerns,
and the information provided here is intended to address some of these concerns.
What do you do?
This web site offers access to the most comprehensive sources of credit information on UK
businesses and consumers. We also help people to see their own credit reference agency
files. Having access to your own files enables you to:
- Look at what information is shown on your credit report
- Place additional information on your file
- Remove any inaccuracies shown on your records
Who holds the data?
Your credit files are held by credit reference agencies. they hold files on nearly all UK
consumers.
Who has access to credit
reference agency files?
The files can be searched by any lender that has the appropriate Licenses and complies
with legal requirements for access to personal data. The files can also be searched by the
subject, in other words you can search yourself - provided you do so through the proper
channels.
Is there a 'credit blacklist'?
No, credit agencies do not have any such things. The agencies simply keep records which
are provided to them by store cards, credit cards, banks and other lenders, and some
utilities. These records show how promptly people pay their accounts, and whether they
miss payments or get into arrears.
What will I
find on my credit report?
Your credit report can confirm your name and where you live, and any other places you are
known to have lived. The Voters Roll is used to confirm this as well as information
provided by companies that have recorded your name and address on their records. The
companies that share data in this way do so in order to reduce fraud and identify
persistent bad debtors, and many companies join in the data sharing to this end. Your
payment records with various companies, and any history of poor payments or defaults can
be shown.
Who decides
if I get a good credit rating?
The credit reference agency will not make the decision about
your credit rating, although they may provide guidelines and scores which can help lenders
to make decisions. But ultimately the company to whom you have applied for the finance
will arrive at a credit rating decision based on their own internal scoring systems.
What is a 'credit score'?
Credit scores are methods of deciding the level of risk or confidence that an individual
appears to represent. By using the same scoring methods for every applicant, the company
making the decision can remove unfair prejudice or human error more easily. On the other
hand, the scoring methods can therefore be inflexible, so most lenders allow for some
discretion in making a final decision. Different companies have different methods and
criteria, which is why you can be granted credit with one company but declined by another.
I've been declined credit, what should I do?
You cannot demand credit. It is a service which the lender can choose whether to provide.
Most lenders will look at your credit records before making a decision. If you are
declined credit the lender is not required to explain exactly how they arrived at the
decision, but they are required to co-operate and give you an idea and tell you if they
looked at your credit files with a credit reference agency. If they have looked at your
credit files, then they must tell you the name and contact details of the credit reference
agency that they used. You then have the right to write to the credit reference agency
directly, and ask them for a copy of your credit files. You cannot ask the agency why you
were declined credit - the agency cannot tell you that, they can only provide the
information without comment. You can then look at your files and see if there are any
factual errors which need correcting. If your credit record is weak or has problems, but
the information is factually correct, then you cannot remove it from your files. You can,
under some circumstances, make a comment which is recorded on your file, for example to
explain the circumstances for a missed payment or any other adverse information.
Can I boost my credit rating?
There is not just one credit rating, each bank, credit card, store card, or finance
company will have their own credit limits. But if you want to maximise your credit
worthiness then these are a few tips that may help. Make sure you are listed on the Voters
Roll and if possible avoid moving address frequently. Most people move house once
occasionally, but remain in the same house for a few years before moving again. If you
appear to move address frequently a lender may consider you as being potentially harder to
trace in the event that you default on a loan. Paying all your utility bills promptly, and
paying all store and credit cards promptly will give you a stronger credit history.
Can I see my credit report?
You can apply to see your credit report. This can be done by post by
writing to a credit reference agency or you can access your credit report online. If you
find that there are any errors on your files, or that there is information about other
people with whom you have no financial connection, you can ask for information to be
removed or corrected. You will be required to justify or prove your reasons for asking for
your file to be changed. |
