10 things your credit report can do for you

But, did you also know that your credit report…

…doesn’t only list your credit cards, loans and mortgages

It can also include anything that involves giving you credit, from your mobile phone account to a shopping catalogue.

…gives you a snapshot of what you owe and the status of your credit agreements

It’s all in one place, so it’s a lot simpler than ploughing through old files and records to find the information. This helps you keep track of any financial commitments by seeing all your borrowing in one place.

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…contains contact details for the organisations that have given you credit

That makes it easy to let them know if your circumstances change, you lose your wallet or your records are mislaid or stolen. It also records any older accounts that may have been closed which may be useful if you ever wanted a full list of all the credit you have ever taken out.

…tracks your credit applications

These stay on your report for 12 months, so you can quickly check that you aren’t re-applying to a lender you’ve already considered who’s rejected you.

…shows if any lender has misunderstood your request for information as an application or has searched your report more than once in response by mistake

You may find that you have multiple searches by the same lender on your report. If this is an error, it can be deleted by contacting the organisation responsible and explaining the true position.

If these incorrect searches stay on your report, other lenders may think that you’re desperate for money or even that a fraud is being planned.

…can help to protect you against identity fraud

If you don’t recognise searches on your report, it may be the case that someone is applying for credit in your name. If you fear that you may be a victim of identity fraud, alert your lenders and the authorities immediately.

…records whether you are registered to vote at your current address

Lenders use the information from the electoral role to check that you are who you say you are and live where you say you live, so you should make sure your current address is correctly registered.

…lists all the addresses you’ve lived at

How many of us remember old postcodes? It can be really helpful to have a list of all your previous addresses when you need to fill in application forms.

…gives an overview of your repayment history over time

Your credit report tracks your repayment history for every credit account you have ever opened. It can act as a reminder that you had problems with a particular lender or account and shows which lenders are most likely to make you an offer in future.

…can be amended if you disagree with an entry

If there is an entry on your report that you do not agree with, you should be able to remove this provided you have the necessary proof.

You can also add an explanatory note if special circumstances, such as illness, caused problems. Lenders will see this and may take it into account when deciding whether to make you an offer and what terms, such as interest rates, to set.

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