How to use your credit report to find cheap credit

Posted in 'Credit Score' by Barry Stamp

12 January 2012

Using your credit report to find lenders who want your business has been developed to a very fine art over the last 10 years.

By analysing tens of thousands of credit reports, we can build up a detailed picture of the credit scores held by the customers of every credit card, loan and mortgage company. Then, after checking your own credit score, we can tell you with a high degree of confidence which lenders will be likely to say yes to your credit applications.

We list the lenders in order of the APR – the interest rate charged – so you can see at a glance where the cheapest credit can be found. By only applying for lenders who have lent to similar people before, you avoid unnecessary delays, embarrassing and annoying declines, and unnecessary searches on your credit report which experts can read as declined credit applications.

We offer two ways of doing this, you can use our free Free Credit Score service, which works out your credit score based on the questions asked on typical application forms. Or if you obtain a Multi Agency Credit Report we can calculate your credit score simply from the contents of your credit report, in the same way that lenders determine your credit score. You can get the most comprehensive credit report in the UK for free by trialling our subscription service for 30 days, after which it costs a very competitive £9.99 per month until you cancel.

Using our Multi Agency Credit Report is the most accurate way of calculating your credit score, and uses the checkmyfile credit score. The checkmyfile credit score was the original UK credit score made available to consumers, and uses the 0-1000 score range – bad to good – now used by all others.