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WHAT INFORMATION IS CONTAINED IN A CREDIT REPORT?

Credit references agencies – the largest in the UK is Experian – collate information about your financial background and past behaviour and format this data into your unique credit report.

Click here to see your Experian credit report online for FREE

Lenders see this information when they decide whether or not to offer you a loan, mortgage or credit card. It influences their assessment of the likelihood that you will repay them.

Information comes from two main sources:

• Public records, such as court judgements, individual voluntary arrangements and bankruptcies. Your credit report also shows whether you are registered to vote – lenders use this as a precaution against fraud, to check that you are who you claim to be and live where you say you do.

• Information from lenders and financial institutions, such as records of the number of loans you have and whether you have ever missed a repayment.

It’s important that all this information is as up to date as possible and correctly reflects your circumstances. Then lenders will make the best-informed decisions – and you will get the right deal.

In these financial times which are clearly tumultuous and tight, it is absolutely vital that you take the time and make the effort to check on your credit report and credit score on a regular basis.

This statement is more true today than ever before, because we live in a society that is largely based on credit. In this world, especially in this day and age, you simply cannot live without credit, lending and other forms of borrowing which largely rely on your credit score and report.

What most people are completely unaware of is the fact that no one is going to keep up on their credit score but their own selves, so the only way to make sure everything is up to snuff is to regularly check out your credit score and make sure everything in your credit report is factual and up to date.

What is your credit score? Your credit score is essentially a picture of your creditworthiness, or more specifically, how much of a risk you are for credit at a specific point in time.

The higher your credit score is, the lower a risk you are perceived to be by lenders and credit agencies. When you have a high credit score, lenders look at you as a more viable and valuable candidate. Your score is actually determined by a complicated mathematical formula that involves a number of different factors including your debt to income ratio, how much credit you currently have, how much income you are bringing in, and what your past credit history is like. All of these details go into figuring out what your credit score is, determining how risky you will potentially be as a borrower in future transactions.

One of the biggest determinant factors in your credit score has to do with whether or not you are paying your bills on time. Especially with the financial economics of today, it is important that you remember what your risk is to a new potential lender because this risk is determined by your credit score, and higher risk is directly associated with a lower credit score.

The easy way to check your credit report is to log onto CreditExpert, the credit monitoring and identity protection service from Experian.

Click here for a free, 30-day trial, which will allow you to see your credit report as often as you like.

All my best,

LEO MEER

About the Author

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