| How to get hold of your credit report? |
The contents of your credit report will have a bearing on whether or not you are able to get credit. Credit reports are compiled by credit reference agencies using public and lender information to compile a financial footprint of you spending habits.
Public records
Public records include electoral rolls, county court judgments, individual voluntary arrangements and bankruptcies.
Electoral roles are used to check the identity of the people applying for credit and to make sure the addresses provided on application forms are correct.
County court judgments are held on your credit report for six years from the date of the judgment. If you pay the CCJ within one month it can be removed from your records as long as a certificate of satisfaction has been issued. CCJ?s that have been paid after one month are kept on your report but are marked as 'satisfied'.
Bankruptcy declarations are kept on your report for six years after the date of the bankruptcy order.
Lender Information
Lender information is provided by lenders and financial institutions and will include credit accounts and credit applications.
Credit account information is held up to six years, some lenders only provide information only on customers who have failed to keep to the terms of their credit agreement. These records are known as 'defaults'. However, most lenders provide information throughout the entire life of the credit account.
A record of lenders who have searched your report as a result of you applying for credit will be shown on your report for 12 months. This information can help lenders identify any unusual credit activity or over commitment.
Getting hold of your credit report
You have the right to view the information contained in your credit report to make sure that it is accurate. If errors are found, you are entitled to apply to have them corrected. Having the ability to view and challenge your credit report is important. In addition to providing the basis for a lending decision, your credit rating may also affect the interest rate you are offered by lenders, which could lead to more costly borrowing.
To view your personal credit information that lenders are currently basing their credit decisions on, you can apply online for a credit report from Experian or Equifax (two of the biggest credit agencies) or alternatively write or call them using the details below:
Equifax plc
Credit File Advice Centre
PO Box 1140
Bradford BD1US
UK
Tel: 0870 010 0583
Website: www.equifax.co.uk
Experian Limited
Consumer Credit Help Service
PO Box 8000
Nottingham NG80 7WF
UK
Tel: 0870 241 6212
Website: www.experian.co.uk
Source: www.vestamoney.co.uk
Posted: 31 Mar 2008 16:32:13
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