Check Your Credit Report
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In the UK, and probably the rest of the world as well, it’s important that our credit standing is in good order. It’s advisable, therefore, that we check our Credit Reports to make sure that the information on file is correct. This will ensure that there is no one else using our details for fraudulent means. Also there shouldn’t then be any nasty surprises if we decide to apply for such things as a mortgage, loan, credit card, finance and so on.
What information is contained in a Credit Report?
Credit references agencies – the largest in the UK is Experian – collate information about your financial background and past behaviour and format this data into your unique credit report.
Click here to see your Experian credit report online for FREE
Lenders see this information when they decide whether or not to offer you a loan, mortgage or credit card. It influences their assessment of the likelihood that you will repay them.
Information comes from two main sources:
• Public records, such as court judgements, individual voluntary arrangements and bankruptcies. Your credit report also shows whether you are registered to vote – lenders use this as a precaution against fraud, to check that you are who you claim to be and live where you say you do.
• Information from lenders and financial institutions, such as records of the number of loans you have and whether you have ever missed a repayment.
It’s important that all this information is as up to date as possible and correctly reflects your circumstances. Then lenders will make the best-informed decisions – and you will get the right deal.
The easy way to check your credit report is to log onto CreditExpert, the credit monitoring and identity protection service from Experian.