In the UK, your credit report is held by three main credit reference agencies: Experian, Equifax, and TransUnion (previously Callcredit). You can access your report from each of them. Experian and Equifax both offer a statutory credit report for free under UK law. Various apps and websites, including ClearScore, Credit Karma, and MSE Credit Club, offer free ongoing access to your report from one or more agencies. Different lenders use different agencies, so it is worth checking all three if you are preparing for a significant credit application.
What you will find on the report
Your credit report contains your personal information, your credit accounts, your payment history, public record information (including any County Court Judgements), and a record of recent searches made on your file. Each credit account shows the type of account, the lender, the credit limit or original loan amount, your current balance, and a payment history usually shown as a grid of monthly status codes going back up to six years.
Understanding the payment history codes
The monthly payment history is one of the most important sections. A green square or a zero typically means the payment was made on time. A number indicates how many months late the payment was. A D usually means a default was registered. An arrangement marker shows that a payment plan was agreed with the lender. Green rows with no late markers are what you want to see across all accounts. Any other markers are worth examining and, if you believe they are wrong, disputing.
Check the personal information carefully
Errors in your personal information, particularly your address history, can affect credit applications because lenders use address history to verify identity. Make sure your current address is correct and that previous addresses you have lived at are listed accurately. If you are not on the electoral roll at your current address, registering to vote is one of the quickest ways to improve your credit report, as electoral roll data is used to verify identity.
How to dispute an error
If you find information on your credit report that you believe is incorrect, such as a missed payment that was actually made on time, or an account you do not recognise, you can raise a dispute directly with the credit reference agency. They are legally required to investigate and correct errors if they find in your favour. If the agency does not resolve the dispute to your satisfaction, you can escalate to the Financial Ombudsman Service.
Look for unfamiliar accounts
Accounts you do not recognise on your credit report are worth investigating seriously. They can be the result of identity fraud, where someone has used your details to open credit. If you find an account you have no knowledge of, report it to the credit reference agency and to Action Fraud. Check your other accounts for any unusual activity at the same time.
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Ask Fin provides general guidance only, not regulated financial or legal advice.