Credit Report contains a huge amount of information such as your current address to details of the credit cards, loans and mortgages you have now or have paid off in the past six years. There are details of your repayment record along with a record of any court judgments against you, again over the last six years. In addition, an array of other information is included, such as whether you are on the electoral register and the names of your financial associates - anybody with whom you share a relevant account, such as a joint mortgage.
These agencies gain information about you and your credit record from various sources including banks, building societies and lenders that have granted you credit.
The information appearing on the credit report can have a huge impact on your ability to obtain credit and it is your own responsibility to make sure that this information is correct. This information is used to make up your personal credit report. If the agency amends your file, it must send the details to any lender who has asked about you in the past six months. Every time you or an organisation accesses your credit file, the credit agency record this, along with the name of the company, the type of search or enquiry performed, the type of credit applied for and the date of the search. They retain a record of each search for 2 years. The Credit Search History section of your credit file will contain any searches performed in the last 2 years. Credit searches can only be made with your permission.
Your permission is obtained in various ways. Some lenders obtain permission through a consent clause or declaration on the application form you complete and sign. If you apply for credit over the telephone, you should be informed verbally before you proceed that a credit search will be carried out with one or more of the credit reference agencies. If you apply for credit over the Internet you should be asked to confirm that you consent to the declaration or terms and conditions of the account. Permission is not required under certain circumstances where they are required to provide information to a Government department, or the Police.
There are three credit agencies in the UK - Callcredit, Equifax and Experian. ( You will see the details below).
All 3 credit reference agencies allow you to access your credit report as well as your personal credit score. This can be done in one of 2 ways - Online (All 3 credit reference agencies however also offer you the chance to order your credit report online) or by Post. The agencies are required by law to offer your statutory credit file, which is sent out in the post.
Credit reference agencies are licensed by the Office of Fair Trading, under the Consumer Credit Act 1974. They must also be registered with the Information Commissioner.
