Your Credit Report…

Written by PayPlan on 4 May 2011

Your credit report can help decide whether you are given credit or not and holds all the information a creditor needs to make that decision. Today I am going to discuss the ins and outs of your credit report so you know all that you need to.

What is a Credit Report?

Your credit report compiles information from two different sources; public records and information from the credit industry. Public Records- the type of information these hold are electoral roll details, details of any court judgments that have been issued against you, as well as details of whether you are in or have entered into an IVA or bankruptcy in the last six years. Creditor Information- this is made up of credit accounts that you hold, credit applications that you make and financial associations.

What is the importance of my Credit Report?

Your credit report could be the decision maker for a creditor as to whether or not they will give you the credit. As well as deciding whether you get credit or not, it can also determine the interest rate or level/amount of credit offered. You have the right to view your report and have anything that is incorrect removed.

What is my Credit Rating?

This is the score based on your credit history and also helps a creditor with their decision making process. Not only can it affect your ability to gain credit but it can also have an effect on your ability to open a new bank account, gaining new employment in certain sectors and even has an effect on rental or mortgage applications. The information on your credit report, and the information you provide on an application form to a creditor, may be used by that creditor to give you a credit score. The creditor will use this credit score to identify the risk of offering you credit. The previous occupants of your address cannot affect your credit score. Also, credit scores do not take account of your sex, religion, race, political beliefs, sexuality or criminal record.

Where do I get my Credit Report from?

There are three big agencies who can provide your full credit report;
  • Experian
  • Equifax
  • Call Credit
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This article was checked and deemed to be correct as at the above publication date, but please be aware that some things may have changed between then and now. So please don't rely on any of this information as a statement of fact, especially if the article was published some time ago.