What Does Your Credit Report Show
Your credit report includes:
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your name, address and date of birth
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your registration on the electoral register
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how much you owe lenders, including any joint loans, mortgages or overdrafts
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any missed or late payments
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any County Court Judgements you have had
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whether your home has been repossessed
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if youve ever been declared bankrupt
Your credit report does not include:
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the amount of money you have, including savings
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any student loans you have
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your criminal record
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late or missed council tax payments
How Lenders Use Credit Reports
Be aware that different lenders look for different things when reviewing your credit report and deciding whether to lend to you. They can also take other factors into account.
For example, you might have been furloughed and taken a payment holiday during the coronavirus pandemic. While this won’t directly affect your credit score, it may affect your ability to borrow in the future.
How Can My Credit Score Help Me
The higher your credit score, the more likely you are to be eligible for a credit card or loan. You could even get lower interest rates after improving it. Make the most out of ClearScore with three simple steps:
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See your credit score for free
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Find out how to improve it
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Apply for offers tailored to you
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My Credit File Is Showing Information About Someone Else Who Has The Same Name As Me But A Different Date Of Birth What Can I Do
In most cases this will simply be a mix up as most of these cases are caused by people with the same name living at the same address, but it could also be a case of identity fraud.
The first thing you should do is notify the CRA you obtained your credit file from of this error. They should be able to carry out further checks to understand what has gone wrong and take action to put it right. In some cases they may need you to provide evidence of your correct address, and should ask you to provide any information they need. If they respond refusing to amend this information you may wish to make a complaint to us.
How Do I Check My Credit Report
Your credit report contains information about you and your financial behaviour. This includes any credit youve had previously on things like credit cards, as well as loans and mortgages.
Like we mentioned before, the credit reference agencies will use the information on your credit report to determine whether or not to lend to you, so it is important to make sure that the information on your credit report is accurate. If youre not sure how to check your credit report you can do so using the three services we linked above: , ClearScore*, and . When looking at your three credit reports, check if you have any incorrect or differing personal information between the three. These differences can damage your chances of getting credit, so make sure you correct any mistakes.
It is also important to make sure all of the information in your credit report is correct. If you notice any mistakes, check out our blog on how you can fix mistakes on your credit report.
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I Was Discharged From My Bankruptcy Last Year But The Cras Have Not Amended The Accounts On My Credit File To Show This What Should I Do
Once you have been discharged you will have to notify each of the lenders whose accounts were included in this bankruptcy as they will not automatically be told. You should send them the evidence of this and ask them to amend their entry on your credit file to reflect this. The specifics of how it will look vary depending on the CRA but the entries should be marked in such a way that any lender searching your credit file can clearly see that this debt is no longer outstanding and you are not being pursued for it. Most accounts that have been discharged from bankruptcy will show as settled/satisfied or partially settled/satisfied with a zero balance outstanding.
If any of the lenders respond refusing to amend their entry or fail to amend their entry within one month of receiving your proof of discharge you may wish to make a complaint to the ICO. Please note, in this instance it is the lender who is the subject of any complaint you raise with us, not the CRA.
Build Your Credit Score
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Building A Uk Credit Rating
Without a credit rating in the United Kingdom, youll find it tough to access credit deals and other financial products, so its important that you maintain your UK credit rating when youre living in another country – especially if your long-term goal is to return to the United Kingdom later in life.
First, you should make sure that youre on the electoral roll. This helps banks and lenders check your address and prove your identity. The good news is that you can register as an overseas voter for up to 15 years after you leave the United Kingdom, as long as youre a British citizen and you were registered to vote in the UK in the past.
You may decide to register to vote at a UK address, such as your parents, so that you maintain a UK address, too. On the flipside, if youre an EU citizen moving to the UK, you can register to vote when you become a resident, so get on the electoral register as soon as you possibly can.
Next, think about setting up direct debit payments. You may decide to pay for utilities using a UK bank account, which will again show lenders that you have a strong payment history and that you are a responsible lender. If you still have a property in the United Kingdom, such as a rental property, then using a UK bank account for your income, insurance and fees makes sense and will help you to maintain and build upon your credit rating without physically being in the country.
What Does A Credit Report Show
Think of your credit report like a CV for your finances. It includes personal details and information about your credit history. Whenever you apply for credit, lenders will check your credit report to see if you have a good track record of repaying what you borrow.
Your credit report includes the following information:
- Address history: Your current address and any previous addresses.
- Financial credit agreements, such as loans, credit cards, mortgages, overdrafts, mobile phone contracts, car finance and any late or missed payments.
- How many applications for credit you have made, including where you have been rejected.
- Public records: Electoral roll information, any county court judgments , bankruptcies or insolvencies.
- Financial ties: This includes anyone you have taken out joint credit with for example, for a joint mortgage or bank account.
A credit report does not show details about your:
- parking or driving fines.
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How To Access Your Report
You can request a free copy of your credit report from each of three major credit reporting agencies Equifax®, Experian®, and TransUnion® once each year at AnnualCreditReport.com or call toll-free 1-877-322-8228. Youre also entitled to see your credit report within 60 days of being denied credit, or if you are on welfare, unemployed, or your report is inaccurate.
Its a good idea to request a credit report from each of the three credit reporting agencies and to review them carefully, as each one may contain inconsistent information or inaccuracies. If you spot an error, request a dispute form from the agency within 30 days of receiving your report.
There Is A Ccj On My Credit File That Has Nothing To Do With Me What Can I Do
Because information relating to county court judgments is often received from the courts without the individuals date of birth this can sometimes lead to mix ups particularly where people with the same name live at the same address.
If this has happened to you, you should raise this as a dispute with the CRA who you obtained your credit file from. They can, in the first instance, try and match you to the correct information. There are easy mistakes to identify such as an obvious mis-keying of a house number or misspelling of a name and in these cases the correct information can be merged, or separated as appropriate. The CRA should reply to let you know that they have resolved the issue or, if they are unable to, explaining why.
If, after raising a dispute with the CRA they have failed to resolve the issue you may want to make a complaint to the ICO. You can find more information about how to make a complaint and the evidence we require can be found in Section 5 of our guidance.
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Whats The Difference Between Credit Rating And Credit Score
The terms credit rating and credit score are wrongly assumed to be the same thing. In fact, even though they both serve as a measure of creditworthiness, they are used for different purposes.
A is a measure of how creditworthy a business or even a Government is. It is normally a grade combing two or three letters. The highest credit rating a business of Government can be awarded is the triple-A or AAA. This denotes an organisation with the strongest financial position. This then decreases to AA then A, BBB then BB and so, on down to the lowest rating which is D for default.
are used for individuals and are often a number value. However, what constitutes a good or bad credit score is measured differently by the three major UK credit bureaus: Equifax, Experian and TransUnion. These are outlined in the section above What is a good credit score?
For more information on how to improve your credit score, see our guide How to improve your credit score.
Why Should I Maintain A Credit Rating In My Native Country
If youre financially settled in a new country and living as an expat, then you may be wondering why you should maintain your UK or US credit rating. Its true that, whilst youre living abroad, your UK or US credit rating wont be much use to you, as credit scores dont cross borders.
However, if you decide to move back to your native country after living abroad, and youve been expatting for more than six years, then you may need to build your credit history from scratch. Credit reference agencies only hold information for up to six years on people with UK home addresses, and similar timeframes apply in the United States, so securing a mortgage or a loan when you return home could be tough – neigh possible – if your credit rating no longer exists.
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Why Should You Check Your Credit Report
Checking your credit report can give you an insight into your borrowing history.
Youll be able to see the information banks and other lenders use when deciding if theyll lend to you or not.
It gives you the opportunity to improve your credit score before you apply for credit, which could increase your chances of being approved.
Where Can I Check My Credit Score
When it comes to credit scores, there are three main credit reference agencies in the United Kingdom: Experian, Equifax and TransUnion . Each uses a slightly different scoring system. But dont let that scare you. Because they all base their scores on similar criteria. So if you have one credit score, youll have a pretty good idea of how you rate with the other credit reference agencies. Heres how to access your credit score and credit history for free with the top three CRAs.
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There Is An Entry On My Credit File That I Think Is Wrong My Broadband Provider Says I Owe Them Money But I Have Made It Clear That I Am Not Going To Pay For The Month Last Year When Their Service Was Down Can I Have This Entry Amended Because It Is Inaccurate To Show That I Owe Them This Money For A Time When Their Service Wasnt Being Delivered
The ICO cannot decide on issues outside of data protection law. In this instance, while you may consider the data to be inaccurate because you dont think you should have to pay for service you havent received, this is a service complaint which needs to be resolved before we could determine whether this information is accurately recorded on your credit file.
We may be able to look into cases where a repayment agreement is in dispute if:
- You have raised a complaint with the company and have received written confirmation that they agreed not to charge you for the period in question due to poor service.
- You are able to produce substantive evidence the company has acted wrongly. Unfortunately we cannot look into a complaint based on opinion alone.
- You have raised the issue of the dispute with the appropriate regulatory body, such as OFCOM, the Financial Ombudsman Service, or the courts, and they have upheld your complaint.
In the meantime you may wish to request that a Notice of Correction be added to the entry on your credit file. You can find more information about Notices of Correction in our .
What Affects A Credit Score
Your credit score can go up or down for many different reasons from your credit history and payment habits to how often you make credit enquiries. Failure to make monthly payments, for example, could not only result in being charged penalty fees but may also have a negative impact on your credit score.
However, the more positive activities recorded in your credit report, the less impact poor credit performance in the past will have. Thats why its important to pick the right card for your personal spending habits.
For example, a charge card that requires you to pay the balance in full every month can be a good way of bolstering your credit score, as long as you stay on top of repayments.
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Who Is Responsible For The Information On My Credit File
It is easy to see why people assume the CRAs are responsible for all the information that appears on their credit file. However, in reality, the lenders and telecoms and utility companies who passed the information to the CRA in the first place also have responsibilities for the information that appears on your credit file.
As a general rule, if the entry you are looking at has the name of a company on it, its likely to be that company who is responsible for that entry. The CRAs cannot amend this data without the permission of that company.
Having said this, we still expect the CRAs to take reasonable measures to ensure the information that is reported by lenders via their credit files is accurate.
The information that is generated by the CRAs and for which they are responsible, includes financial links, linked addresses and alias information.
I Owed Money To My Credit Card Company And Stopped Making Repayments Because I Lost My Job Because I Was Able To Demonstrate Financial Hardship And The Stress This Was Causing Me The Credit Card Company Agreed That They Would Stop Pursuing Me For This Debt However They Have Refused To Remove The Default From My Credit File Can They Do This
Data protection law requires that the information on your credit file is an accurate reflection of your credit history. While we appreciate you may want this debt removed, the fact that this debt was accrued and defaulted on is accurate. The fact that this default remains on your credit file is likely to comply with data protection requirements.
In situations like this, whether the entry should be recorded in some way to indicate that a debt has been settled relies heavily upon the specific agreement between you and the lender and can vary on a case-by-case basis.
If the lender agrees to accept a lower payment from you in settlement of an account we would expect them to mark the entry in a way which indicates that you are no longer being pursued for a debt. However, if a debt has not been paid off in full we do understand that the lender may be reluctant to mark a credit file as satisfied. However, where an organisation has decided to stop pursuing a debtor for payment, it would appear unfair to show that money is still owed under the account.In these circumstances, we would generally expect an organisation to indicate the situation on an individuals credit file, in some way. Organisations will usually mark an account as partially settled or partially satisfied. This shows any lenders searching your file that you are no longer being pursued for the debt but also that the debt was not fully repaid.
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