How to Check Your Credit Rating in the UK
The three main credit reference agencies in the United Kingdom are Experian, Equifax and Callcredit. Each maintains information about your borrowing and credit history, compiled from the electoral roll, county court judgments and financial institutions. Their reports contain details of your past debts and payments, alongside public data such as bankruptcy or house repossession. This information is important and can follow you about your adult life. Lenders rely heavily on this when deciding to accept or reject your credit applications. It is a good idea to check your credit rating every year to 18 months to ensure the information is accurate.
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Instructions
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Request Your Credit Report
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Request your £2 statutory credit report. By law, all three credit reference agencies must supply you with your basic credit report for £2 when requested. These are sent by post and, as of June 2010, online. Links to all three agencies are provided in the Resources section. You will need to provide your full name (plus maiden name, if relevant), date of birth, current address with postcode and former addresses for the previous six years.
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Print off the Credit File Application Form on Equifax's website and send to Equifax at Equifax Ltd, Credit File Advice Centre, PO Box 1140, Bradford, BD1 5US. Alternatively, order your postal report online or apply for an instant online-only version. Equifax already offers instant statutory credit reports on its website; the others were slated to follow in June 2010.
Apply to Experian online, by telephone at 0844-481-8000 or print off its application form (available online) and send to Consumer Help Service, Experian Limited, PO BOX 8000, Nottingham NG80 7WF.
To request your statutory credit form from Callcredit, print off the application form on its website and post to Callcredit at Consumer Services Team, Callcredit Limited, PO Box 491, Leeds LS3 1WZ. -
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Seek out further information about your credit rating and credit score with a more in-depth report for a higher fee. The £2 statutory report simply provides a copy of the information banks and lenders have about you. A more detailed report from any of the three agencies will provide a full list of your credit agreements and often give ongoing access to your report. You can also sign up to find out your credit score, a numerical indication of how good or bad a lending risk you are considered to be. These are usually monthly subscriptions. Prices as of May 2010 are £6.99 a month for Equifax, £7.99 a month for Experian and £12 a quarter for Callcredit.
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Take advantage of free trials. All three companies offer 30-day free trials on their websites with no obligation. Many consumers are signing up, checking their credit report and canceling before they are charged. Be aware, however, that Callcredit takes your first payment when you sign up.
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Tips & Warnings
Your credit report may differ slightly among agencies, so it's a good idea to check with all three. If you have limited time, however, opt for Experian or Equifax.
As well as checking your credit rating every year to 18 months, make sure you also check it in good time before making any important loan applications.
Checking your report can also highlight identity fraud, informing you if anyone has applied for loans, credit cards or bank accounts in your name.
People receiving debt advice or victims of identity fraud can access their statutory credit report for free.
You can obtain only your own credit report. Partners or spouses must apply for their reports separately.
Cancel credit cards that you no longer use. Your account details will stay on your report for six years after closing a credit card or paying off a loan. If you no longer use a credit card but fail to close it, this will remain on your report permanently.
If you are not registered on the electoral roll, you may have problems, as the agencies check your name and address against it.
References
Resources
- Photo Credit credit card image by Christopher Hall from Fotolia.com
