Credit Reports

Have you ever wondered what information is held on your credit report? Have you recently been refused a loan and would like to know why or would you just like to verify the information held on you is correct?

If you are over the age of eighteen and have ever taken out any form of credit then you will have a credit report. A credit report holds basic details about you and your financial history.

A credit report is normally used by a bank or other credit giving business to confirm your identity and your suitability for the credit you are trying to obtain. Generally, your credit report only holds information from the last six years including:

Address information
This will include the current address where you are registered to vote, your previous address and any other relevant addresses from the past six years.

Account information
This will show all the you have and whether you have made payments in times and in full. Missed or late payments ordinary stay on your file for three years while bankruptcy, IVAs and County Court Judgements related to debts will remain for at least six years.

Financial Relationships
This part of the report shows anyone with whom you have taken out joint credit, for example a mortgage jointly taken out with your partner.

It is a good idea to check your credit report regularly to insure all the information held is correct. If you spot an error it is important to have it corrected or it could result in you being turned down for a loan or credit. Your credit report can also help you find out if you may be a victim of identity fraud. With regard to mis-sold payment protection it is also very useful as it will highlight all the accounts you have held in the last six years – even those you may have forgotten about!