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Credit Report, Personal Credit File or Credit Reference File, Credit Rating Check, Credit Rating Report Some the various titles and descriptions given to discribe the files held and used to determine whether a finance application request, of what ever sort, is granted or not. What are and how are personal credit reports produced? Credit Account Information lenders register information with credit reference agencies about borrowers which they can then share. This information allows them to check if an applicant has any outstanding loans with another lender and whether they have kept payments up to date, it will also show if any previous loans were settled and the payments made on time. Public Record Information to check, UK electoral roll is use to check names and addresses, any county court judgements(CCJ's) or Scottish decrees showing default on debts, records of any bankruptcies, repossession or administration orders etc. Credit Search Information looks at the amount of credit checks carried out by lenders, a large number may indicate over commitment or possible fraud. The above information is held on most UK adults by companies called Credit Reference agencies, they are used by lenders to assess the risk in granting credit/loans to individuals. What is Credit Scoring? As well as using the above, whether you are applying for a mortgage, a credit card, a loan or any form of credit related product, it is likely that your application will be given a credit score. They use this to help them decided whether or not to accept your application or set a maximum credit limit. The questions on the application forms are design to help the lenders assess your creditworthiness, each answer is awarded points and the total amount received will determine either whether your application is successful or whether a reduced amount or limit is offered. How do I obtain a copy of my credit file? You can obtain a copy instantly on-line or by post. You will need to supply your full name, date of birth, current address as well as any address that you have live at in the last 6 years. If you run a business you will need to give its name and address as well, as separate information could be held on you under your business. You should also inform the agency of any name change in the last 6 years. See what's in your credit report right now its FREE....
What are credit reference agencies? Credit reference agencies give lenders a range of information about potential borrowers, which lenders use to make their decisions. The information shared may include information about your previous credit history. They hold certain information about most adults in the UK. This information is called your personal credit file or credt reference file/report.
Refused credit? If you think you have been refused credit unfairly, you can ask the lender to explain the main reason why and review their decision. Even if the lender reviews their decision, they may still turn you down. You can request a copy of your credit reference file from any of the three main consumer credit reference agencies in the UK. If personal information held about you is incorrect or out of date, it could lead to you being unfairly refused credit. The addresses and contact details of the credit reference agencies can be found here |