Two thirds of UK adults have not checked their credit report in the last five years, according to a recent survey by the Money Advice Service.

The research shows that :-

  • 97% of people have heard of credit reports but few check their rating
  • Many do not realise what credit reports are used for; 13% thought they are used in criminal records checks
  • Nine out of ten people know that financial companies check credit scores during credit applications
  • 50% did not realise that lenders also make checks when considering phone contracts and rental accommodation applications

Credit rating checks

It costs just £2 to obtain your Statutory Credit Report from a credit agency. The report will contain information covering the last six years, including :-

  • Name, previous and current addresses, date of birth
  • Your bank current account provider and any overdraft details
  • A list of any credit or store cards. loans or mortgages you have
  • Details of late or missed payments
  • Public record information, such as County Court Judgements, property repossessions and bankruptcies

Here are a couple of links to well know credit agencies who provide the £2 report :-

If you find any mistakes on your credit report, contact the credit agency to correct it. You can ask for a note to be placed on your file while the errors are being rectified.

James Jones, head of consumer affairs at the credit information agency Experian says "It is important that existing or potential borrowers take steps to deal with mistakes because not doing so could stop them getting the credit they deserve."

 

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