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The uses of credit reports and how to get one.
What is a credit report.
Every piece of credit you have ever taken is recorded on your credit report. This includes all the details; whether you made the agreed regular payments, how many times you made a payment late, whether you missed any payments, whether the terms were rearranged to accommodate you, how long it has left to run and much more. A credit report also contains details of all credit agreements you have applied for and were subsequently turned down for. This will have a negative effect on your credit rating and you should think carefully before applying for any credit both to determine whether you really need it and can afford it and whether you believe you will be accepted.
How do I get my credit report?
In the UK there are two main credit agencies, Experian and Equifax. Virtually every lender in the country will report to these two agencies regarding your credit applications, agreements and history with their company. By looking at your own credit report you are looking at exactly the same information that any lender will be looking at. Obtaining your credit reports is both very easy and cheaper than you might imagine.
Both agencies have websites you can visit and on those websites there are phone numbers, postal addresses and an online application form enabling you to apply for a copy of your credit report. Each one will cost you only a couple of pounds (£2 at time of this article going to print) but it is important that you obtain both; many lenders use both reports but some only uses one and if you only try to fix the score on of your reports ignoring the other you may as well have not bothered. There are also a number of websites that offer the service of sending you both reports and calculating your score for you?
Why do I need to see my credit reports?
When you are applying for any form of credit it is very likely that the lender you are applying to will receive a copy of your credit reports from both of these agencies. By looking at your reports yourself you are able to find any anomalies, mistakes or old data that perhaps shouldn't be or don't need to be on your credit reports any longer. By getting these removed properly you will be able to improve your credit score meaning you will be more likely to get the credit you are after and you may well get it on improved terms and rates.
Do they get my credit report when I get a payday loan?
No, for payday loans you never get a credit check and even if you have bad credit you still qualify.
There are some mistakes on my credit reports, how do I fix them?
It's an unfortunate fact of life that mistakes do happen and occasionally you may see a mistake on your credit report. If it looks to a completely erroneous error then you can contact either the company to get it corrected. They will provide you with details both on their website and with the credit report they post to you that gives you information on the best steps to take. After all the error may not be with the agency, it may be with a lender.
Your credit reports are a vital aspect to your potential to obtain further credit and by checking your credit reports yourself you can judge the likelihood of receiving the loan or credit card you are looking for, and if you don't think you will you can act accordingly to try and fix the situation. Any failed credit applications are also stored on your credit reports so you should try to avoid this situation as far as possible.
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