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How (and Why) to Check Your Credit Report?

Ever wondered what makes a lender decide if they should or shouldn't give you credit? The most important tool they have for this is called credit report. This report gives the lender, or contract phone provider an insight into your credit history and helps them determine how much of a risk you would be for them.

There are three companies in the United Kingdom that you can get information about your credit. These are:

  • Equifax
  • Experian
  • Callcredit

Don't forget that lenders, banks or mobile contract providers, for instance can also get your credit info from these.

What is a Credit Score?

A credit score is an assessment that a lender or credit reference company makes on how big of a credit risk you are. They determine this based on their own set of criteria. This often means that even a good credit may not be enough to get you accepted for credit, as different lenders have different criteria by which they choose their customers.

What does Your Credit Report Info Hold?

Your credit information include credit card and ban accounts, credit arrangements such as outstanding loan agreements. It also shows if you made repayments on time or not and if these were paid in full and not just in part. The credit report also include any CCJs, or bankruptcies that you had previously.

In addition to this, you should note that your credit report may also contains details of people that are financially linked to you (if you have joint accounts).

Finally, your credit report also shows if you are on an electoral register roll, details if you ever committed a fraud or if someone stole your identity (these will be can be found in the CIFAS section of your credit report) and, of course, your name, date of birth and previous and current addresses.

Keep in mind that one mobile phone contract provider may be looking for quite different things in your credit report when you apply than the other provider. But you should always make sure that you know what is in your credit report beforehand. This way, you can find any wrong items or items that you can take care of before you apply for a pay monthly contract or credit.

Finally, bear in mind that each time you apply for a credit or pay monthly contract, your application, whether it is successful or not gets filed in your credit report.

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