FREE Credit Check Reports - Take Control of Your Finances

Sign up for with CreditExpert and Equifax for FREE and get access to your credit report. It is always best to compare you credit report from two sources and will help if :

• You've been refused credit
  
• You're applying for a mortgage
• You want to buy a new car
• You need to improve credit rating
• You're worried about ID Fraud
• You have just moved house
• You want to check your credit report is up to date
• You want to check your credit score
• You've never seen your credit report before

You may not know it but the chances are that you have a credit report. This is a personal history of your credit, including mortgages, credit cards and loans to catalogue accounts and even mobile phone contracts.

It provides a snapshot of credit accounts, your repayment record and how well you are coping. Lenders use it when they decide what kind of deal to offer you – or whether to turn you down.

The more you know about what your report contains, how it’s used and what you can do to improve it, the better your chances of getting the credit you need. This summary will get you started.

1. If you’re over 18 and have ever taken out a credit card, loan or some other form of credit, then you are likely to have a credit report held by a credit reference agency – Experian is the UK’s largest.
2. As well as listing your credit accounts and showing whether you make repayments on time and in full, your credit report contains a range of information that helps lenders assess whether you are a reliable borrower and can afford to take out more credit. Items such as missed or late payments stay on your report for at least three years, while court judgments for non-payment of debts, bankruptcies and individual voluntary arrangements (IVAs) stick around for at least twice that long.
3. Your report shows all your addresses over the past six years and whether you are registered to vote at your current home. Lenders use this information as a precaution against fraud to make sure that you live where you say you do.
4. Another section lists the people with whom you share a joint account, such as a credit card or mortgage. They are known as your financial associates and, although their credit history doesn’t appear in your report, lenders are able to look at their credit history because their circumstances could affect your ability to repay what you owe.
5. Information in your report comes from two major sources – public records, such as court judgments and the electoral roll, and data supplied by lenders. Some lenders only contribute as accounts with late payments. Others share all accounts including those where regular repayments are made.
6. Lenders are not the only people who can check your credit history – with your permission, prospective landlords and employers can see parts of your credit report, so it can also affect your job prospects and chances of renting a home.
7. A credit report is not the same as a credit score. Lenders calculate a credit score by allocating a value to information in your application form and credit report and then applying their own unique formula. Your score is therefore likely to change with your circumstances and each application you make. Generally, the higher it is, the easier you’ll find it to borrow.
8. If you are thinking of opening a new credit account, it makes sense to get to know your credit report first and make sure that everything is accurate and up to date. If there are any errors, contact the organisation responsible with proof and arrange to get them put right.
9. Monitoring your credit report can offer protection from one of the fastest-growing crimes of the 21st century – identity fraud. This includes criminals stealing your personal information and using it to take over existing accounts or set up new ones in your name. Keeping an eye on your report enables you to spot suspicious entries and deal with problems before they escalate.
10. When you make an application for credit, lenders search your report, leaving a record known as a footprint. If other lenders see a lot of these, they may think you’re desperate for money or even suspect a fraud, so you should always make sure you only ask for a quotation search when you are shopping around for the best deal.

Once you have viewed your FREE credit report you may want to improve it to make you more attractive to lenders - with the credit crunch taking hold and lenders in a cautious mood, this is the perfect moment to get to get to grips with your credit report. Here are some information on your credit score and tips on how to improve it.

1. Ensure you are registered on the Electoral Roll.
2. If possible make more than the minimum payment on credit agreements every month.  You will benefit by paying back your debt quicker, paying less in interest and you will build a positive payment history.
3. If you have paid any County Court Judgments, make sure the settlement is recorded on your credit file.  If not contact the court to get confirmation details and inform the credit reference agencies.
4. If you have been refused credit, obtain a copy of your credit rating.  But DO NOT carry on applying elsewhere.  Each search by a lender will leave “footprints” on your credit file, this may look like you are over-stretching yourself financially.
5. If your circumstances have changed then say so.  You can place a Notice of Correction on your credit file explaining your financial situation, which a lender will review when accessing any credit applications you make.  For example if you were made redundant or have recently divorced and have fallen behind on credit repayments. 
6. Avoid carrying a balance that is more than 30% of your credit limit (creditors may view it as excessive debt and that you may not be able to keep up with repayments).