Additionally, if you have a joint account, card or loan with someone whose credit score is very good, your own may receive a boost as a result.
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Previous addresses and people you are linked with financially.Īs well as helping to validate your identity, this information provides the lenders with a full picture of your credit history and can protect you and the lender from over indebtedness.Īny information which helps to prove your identity protects you from fraud, so past addresses being present is often a good thing. If the debt isn’t removed from your file after 6 years or you wish to correct the status of the debt, then you can dispute this with the credit referencing agency directly. If you’ve been affected by any of these debt-related court orders in the past, make sure the details are all correct. Remember, only the last 6 years are taken into consideration, so it is possible to improve this area if you need to. If you have had a CCJ (County Court Judgement), IVA (Individual Voluntary Agreement), Bankruptcy, or any other court debt orders, then this shows the lender that you have failed to repay in the past.Īllowing lenders and other companies to see this information protects you from being offered credit that you may not be able to repay in your current circumstances. If you are not registered on the electoral register, or if you are registered to a previous address, some lenders may not process your application further it’s the law to register.Ĭourt records which indicate debt issues. You are further protected from identity theft and fraud.
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It gives companies another layer of security when it comes to validating you at your current address. Make sure everything is spelt correctly and is fully up to date – if not, a lender may not be confident that you are who you say you are. Having your name and address correct and up to date ensures you are provided with your full and current credit report to check everything is relevant and there’s no adverse data showing. This is essential information which allows companies to be sure they’ve got the right information for the right person. Here’s the information you will find on your credit file, and why it’s there: Checking your report regularly for any mistakes is very important, as anything that can’t be removed will stay on your file for 6 years potentially affecting your financial options in the years to come. It’s a good idea to check your credit file with each of the three main credit reference agencies to ensure your information is correct and up to date. We’d always suggest that you check your credit report with all three credit referencing agencies to ensure they are accurate. Lenders may use one, two or all three when making a lending decision. UK data is held by three main credit reference agencies: TransUnion, Experian, and Equifax. Your score may also be used by other companies when you apply for certain services, such as phone contracts or household utilities, for example. If you’ve missed or are late in making payments on an existing credit or loan arrangement, this can negatively impact your credit score. This information is used to generate a credit score which is a three-digit number providing lenders, such as credit card and personal loan companies, an indication of how well you manage your money. What is a credit score?Īll financially active UK citizens aged 18 or over have a credit file which is a collection of information relating to who you are, where you live, and certain financial details spanning the last 6 years.
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To help you understand more about your finances, this H&T blog covers all the essential information you need to know about credit, from what’s on your credit file to how to build your credit score.ĭisclaimer: Please be advised, we’ve written this blog to share some of our thoughts and ideas, if you are in need of free and impartial financial advice, please speak to The Money Advice Service. On top of this, most of us weren’t taught about credit cards, files, or scores when we were growing up, so a lot of us have very limited information.
Talking about money and credit with friends and family can be a daunting prospect for many.
Pretty much every adult in the UK has a credit score, but many of us don’t understand exactly what they are. Credit explained: What is a credit score and how to improve it
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