THE CREDIT AGENCIES KNOW ALL ABOUT YOUR BORROWING ACTIVITIES.
Your credit report contents at each agency will record the following about you:
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Detailed information on all of your previous and current credit and loan agreements, including mortgages with UK lending companies and how you performed or are performing when making repayments to your lenders. |
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Any late or missed payments will also be listed in your credit report. |
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Details of current amounts owed to all your existing lenders. |
This means lenders to which you apply for credit can check that you have made repayments to previous lenders correctly and on time, and also enables them to see if you are correctly repaying your current lenders according to their credit agreements. Your credit report content is critical when you apply for credit.
Any new lender may also want to check how much you currently owe to other lenders in order to decide if you can afford even more credit.
Whenever you make an application for a new credit arrangement your new lender will ask you for permission to share the details on your application form and information on any credit that they provide to you with other lenders.
When you agree (which you will have to do to get the credit you want) then these details will be forwarded to all of the three Credit Reference Agencies so your credit report and therefore your credit status can be updated.
YOUR CREDIT REPORT CONTAINS DETAILS ABOUT YOUR IDENTITY AND MORE
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Information from the Electoral Roll updated each year by your own local authority. Lenders use this to check that the name and addresses on any credit application you make is correct. |
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Any County Court Judgements and/or Scottish decrees you may have. |
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Any Bankruptcies, Individual Voluntary Arrangements or Administration Orders you have had or currently have. |
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Any Repossession of your property, which has occurred in the last 6 years from the current date. |
YOUR CREDIT REPORT WILL TELL YOU WHO ELSE HAS ACCESSED IT AND WHY
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Each time you make an application for credit your new lender will research your credit file to check your address, your identity and your credit history. The CRAs will also keep a record of who actually accessed your data each time this happens. |
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These records are kept for one year on your report, thus you can also see who looked at your information in the previous 12 months. |
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Other lenders will be able to see that your Credit File has been accessed, but they will not see who actually accessed it. |
A potential lender could use this data on the number of accesses to identify abnormal activity on your credit report, especially if a large number of credit checks have been made within a relatively short time.
This sort of busy activity could suggest to a lender that you could be applying for credit, which you cannot really afford, or that some other party is illegally attempting to get credit using your identity.
It's really easy to access your credit report online and it's instant and Free ...
Check your credit report contents before applying for credit.
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