Credit reference agencies
If you’re an adult living in the UK, it’s almost certain your name and details are held in the files of the three main credit reference agencies: Experian Ltd, Equifax plc and Callcredit plc.
When you apply for a loan, lenders may ask one of these agencies for a copy of your credit report (also called your credit file), which will tell them:
- public record information about you, such as Electoral Roll details, and any court judgments (such as County Court Judgements (CCJs) in England and Wales, and Decrees in Scotland) or records of bankruptcy against you;
- credit account information – details of your current credit agreements (such as whether you’re up to date with your payments) as well as agreements you have had in the past six years;
- other credit checks several applications in a short space of time may look like someone is over-stretched, or possibly a victim of fraud.
Seeing your credit report
It’s your legal right to see your credit report and to correct anything in it that you can prove is wrong. The maximum cost to see your report is £2 (although online and telephone services may cost more).
Top tips
- Ask to see your credit report occasionally. Mistakes can happen, and you can put them right.
- Don't worry that agencies hold ‘secret’ information about you. You can see whatever information the lenders have available in your name.
- Don't apply for several cards or loans at once. It can have a negative affect on your credit record.