Things To Know About Your Credit Report

By: James Miller

Before tackling the main body of the article, here is a number of definitions of common terms linked to the matter. Equifax is one of a number of major credit referencing agencies in the UK. Equifax collects all your financial information from a variety of places to come up with a report that details your personal financial history - i.e. your credit report. In the event you apply for any credit, loan companies will investigate your credit file to understand your credit history. You may request a printed copy of your credit file anytime you like to check that everything is the way it should be. The Equifax internet site has plenty of valuable instructions on making sensible credit choices and guarding yourself from scams.

Experian is one of a number of major UK credit reference agencies. Lenders will turn to credit referencing agencies to determine the qualifications of an applicant founded on their financial record. This is referred to as a credit file. As with every consumer, you might request a duplicate of your credit file from Experian to check that all the statistics on it are correct and that your personal information have not been used illegally.

A credit check is a kind of search carried out by a potential loan company to gauge how suitable you are for a loan. Loan companies will examine your credit record to become familiar with your ongoing and earlier credit history. Loan companies can then attach to you a a credit score to check if the way that you handle your money matters meets their conditions for credit.

A credit report is basically financial data about you held by a credit reference agency (such as Experian, Equifax or CallCredit plc). The data is used by potential lenders, landlords and employers to help them make a decision as to whether approve your application for a loan or other credit; or for a job or as a tenant.
The information on your credit file is updated on an ongoing basis, and is provided by companies who have given you credit in the past and currently. The data on your file includes:

1. Personal information such as your name and any previous names you have been known by, date of birth, current and recent addresses, current and previous employers.
2. Your financial credit history. This details current and previous credit from the last six years, including amounts currently owed; details of credit accounts that were opened in your name (or ones where you are an authorised user); whether payments have been kept up to date or missed; any bankruptcies, County Court Judgements (CCJs) or arrears etc

Information about your current or savings accounts, or bankruptcies, CCJs that are more than 6 years old are not shown on your credit file, nor your political affiliation, medical history, ethnicity, religion, nor criminal records.
Provided they have your consent, your report can be viewed by anyone with an acceptable purpose. These include: potential lenders; landlords; any Government Agency; employers and potential employers and an individual or organisation that has your written authorisation to obtain your credit report

James Miller has also written other insightful articles not simply relevant to bad credit loan providers, but also various articles, related to car loans comparisons and cheap car insurance in the uk.

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