Understanding your credit report
A credit report is a record of how you have managed credit, such as loans, cards and bills. Lenders use it when you apply, so it is worth knowing what is in yours and whether it is right.
What it is
In the UK, three main credit reference agencies hold credit information: Experian, Equifax and TransUnion. Each may hold slightly different details. Your report can include your name and addresses, accounts you have or had, payment history, searches made by lenders, and public records. It does not show your bank balance.
Why check it
- Spot mistakes such as wrong addresses, accounts you do not recognise, or a payment recorded as missed when it was not.
- Spot possible fraud, such as accounts or applications you did not make.
- Be prepared before applying for a mortgage, loan or card.
What to look for
- Are your name, date of birth and address history correct?
- Is every account yours, and is its status right?
- Are there searches or applications you do not remember?
- Are there links to other people (such as someone you no longer share finances with) that should not be there?
If something is wrong
Contact the lender or the credit reference agency and ask for it to be corrected. MoneyHelper has independent, free guidance on credit reports and what to do about errors.
Good habits
- Check your own report from time to time. Looking at your own report does not harm your credit record.
- Pay bills on time and keep your address details up to date.
- Be careful with services that charge a subscription. Check what you are signing up for and how to cancel.
InYourHands keeps your key dates and reminders together, and you can add a yearly reminder to check your credit report. Try it free on the web.