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The data maintained about you by a credit agency is called your Credit Report.
Each credit reference agency collects data on everyone in the country, such as information on identity, credit arrangements and loan agreements past and present.
This information about your credit, loans and repayment record is called your Credit History and together with your Identity data makes up your Credit Report.
As an example, data will be collected on any mortgages, bank loans, credit cards, hire purchase agreements you have or have had and also a history of how well you made your repayments. Data on what you currently owe to your existing lenders will also be recorded.
CREDIT REFERENCE AGENCIES PROVIDE A CREDIT CHECK SERVICE TO LENDERS
The main lending institutions in the UK have an agreement whereby they share information on their customers credit and loan arrangements with each other.
Every Credit Reference Agency will maintain this shared information so that when a different lender needs it to check your credit status then they can supply it.
This takes place whenever you apply to a lender for a loan or credit.
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Every lender you apply to will perform a Credit Check on you by requesting the information about you from one of the credit agencies.
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The information the lender gets from your credit report (or credit file) from the credit agency helps them make a decision about your application.
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Lenders use a points scoring system to calculate your Credit Score from your credit report and the data on your application form. This will also determine your Credit Rating.
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The resulting credit score allows the lender to accurately predict the risk of providing you with credit or a loan, and thus it will be crucial when they make their final decision about your application.
A CREDIT REFERENCE AGENCY CAN PROVIDE YOU WITH SERVICES TOO
Each credit agency can also provide you with information and services based on the data they hold on you. Normally you have to pay a fee or subscription for this, but sometimes special deals and offers are available.
Typical of the services offered by the UK's credit bureau are access to your Credit Report, estimates of your Credit Score and/or Credit Rating and Alerts by email or text message when any details on your credit file are changed.
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Currently the best deal is actually available from all the agencies and it allows you to get free access to your credit report for 30 days.
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Just click on the button below to go straight there.
Getting a copy of your online Credit Report is easy and now access is FREE ...
The three major UK credit reference agencies are Experian, Equifax and Callcredit.
For details about or to contact any credit reference agency just click on the Free Credit Report button above and follow the link to the agency.
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