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How to compare UK mortgages
Unlike most other forms of borrowing, a mortgage is likely to be the biggest financial commitment you will ever make so it's vital to get it right first time if you are to avoid paying thousands Read more...
The easy way to compare credit cards
With more than 100 credit cards on offer in the UK with ever changing introductory offers, the odds of finding a good deal can appear stacked against you.In fact, it's far easier than you Read more...
How to compare UK mortgages
Unlike most other forms of borrowing, a mortgage is likely to be the biggest financial commitment you will ever make so it's vital to get it right first time if you are to avoid paying thousands Read more...
What information does a credit report contain
Consumers are confused more than ever by exactly what information is shared with Credit Reference Agencies. Equifax, the instant online Credit information provider, recently highlighted what is and what is not included on a Credit report.
External Affairs Director of Equifax, Neil Munroe, said: “Many consumers are confused about what data is shared with Credit Reference Agencies. It is vital consumers know this information, so they are aware of exactly what will impact on their ability to obtain Credit.”
What is Shown on Your Credit Report
Electoral Roll
Electoral Roll data is shown on a Credit report to verify a person’s name and address that has been submitted on an application form for credit.
Credit Account Data
Credit Reference Agencies hold information from lenders about credit accounts. These accounts are classed as 'settled', 'active', 'defaulted', or 'delinquent'. The payment history shown on your report will relate to the period before you repaid your Credit.
Credit Searches
This information is shown on your report, where a lender has performed a credit check. These are kept on your Credit report for 1 year.
County Court Judgments (CCJs) or Decrees
Court judgments or Decrees are held on your Credit report for six years from the date of the judgment. Credit Reference Agencies receive the information from Registry Trust.
Current Accounts
Information on current accounts is now being loaded by lenders and all accounts should be loaded by the end of 2006. An overdraft balance is the only information you will see on your credit file.
Council of Mortgage Lenders
If you have voluntarily given up your home or had it repossessed, it will be on your Credit file. Shared Financial Commitments Only your own Credit history, and that of anyone you specifically share a financial commitment with, such as a joint bank account, will be provided to a lender.
CIFAS Protective Register
The Protective Register aims to detect and prevent fraud, in order to protect innocent people whose names, addresses, or other details, are used fraudulently by others in order to get Credit. This information will only appear on your credit file if you have registered.
What is NOT on Your Credit Report
Credit Accounts Opened Pre-94
Currently lenders do not share information about credit accounts opened pre-1994 with Credit Reference Agencies. This is under review by the government.
Fines
Information about any fines you have had will not appear on a credit report.
Student Loans
Although not currently supplied to credit reference agencies, there are ongoing discussions on whether this will be supplied in the future.
Savings Accounts
Your savings accounts will not be included on a credit report.
Third Party Information
If you don’t share any joint financial commitments, your credit file will not include financial information about family who live, or have lived, with you.
Medical History
Medical history is not included on your Credit report.
Criminal Records
Any criminal records will not be included on your Credit report.
Child Support Agency
Child Support data will not appear on a Credit report.
Top Tips
TIP #1:
Pay your monthly credit card bills using a direct debit to avoid late payment penalties.
TIP #2:
When shopping for a loan compare lenders using the TAR (total amount repayable) rather than the APR (annual percentage rate). The TAR is a more accurate measure.
TIP #3:
Before you apply for a loan or credit card get a copy of your credit report. This will allow you to see what the lenders will see when assessing your application and correct any errors.
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