The Advantages of a Multi-Agency Credit Report

Posted by Paul Anderson Riley in Credit Reports on 5 December 2016 - Paul is a Credit Analyst at checkmyfile

There are many different reasons you may check your credit report but it’s important to know what is being held and reported about yourself as an individual. Being well-informed helps you to understand how you are represented or why you are being declined. Making sure you have the whole picture about what a lender could have access to can be of vital importance, so why check one report when you can check multiple? There are four credit referencing agencies in the UK, all reporting various degrees of information.

A multi-agency credit report, using data from all four agencies, eradicates the need to have multiple accounts with different credit report providers and allows you to see the bigger picture in one place. When applying for credit, a provider may use one or multiple credit referencing agencies, so by only checking one agency you may miss information that another one holds.

Each of the credit referencing agencies loads and gathers information differently. Some lenders will only have reciprocal sharing agreements with one of the agencies, therefore checking with a different agency may mean you miss a vital piece of information that could impact an application. Electoral Roll address formats can sometimes be loaded in different ways, so checking your report with multiple agencies will ensure that if the same format isn’t held this can be updated. Smoothing out address issues with multiple agencies will also assist when a lender attempts to return information on an application.

Typically when you apply for credit, the application will often include the permission to search a financial associates report. Like other aspects of your report, one agency may hold this associate or alias when the others do not. It may also be advisable to get an associate to check their credit report so you have an idea of how they may impact you.

Seeing a large amount of information in one place allows you to make comparisons between the data the agencies hold. Using the checkmyfile scorecard you can get an idea of how a typical lender would view information held by one agency compared with another.

Check Your Multi-Agency Credit Report

30 Day Free Trial

How my address can influence a credit check

Many people incorrectly assume that their credit score can be plagued by the previous occupants of your address. This, to quote Douglas Adams, is “a load of dingos’ kidneys” and your credit report should entirely reflect your credit and repayment history and has no bearing on your home’s former tenants.

Published on 12 Jun 2018 by George Coburn

Full Article

How To Remove Negative Markers on Your Credit Report

Your credit report is intended to show potential lenders, employers, landlords (and occasionally insurance providers) an accurate representation of what you are like when it comes to borrowing (and repaying) money and managing other credit agreements. Think of it as a CV of your borrowing history that gets updated on your behalf.

Published on 21 Apr 2018 by Jamie Mackenzie Smith

Full Article

Why Does My Credit File Say I'm Dead?

For many people, it comes as a shock when they are informed that they are, regrettably, dead. In fact, it can be a downright inconvenience when you’re trying to apply for credit, but end up getting turned down because you’ve been accidentally listed on the Death Register.

Published on 11 Apr 2018 by Tom Blandford

Full Article

Will checking my credit report affect my credit score

Does checking your credit report affect your credit score? This is a question we are often asked, as more and more consumers regularly access their credit history to check for errors. This seems to be based on the popular misconception that search footprints damage your score, and as checking your credit file leaves a footprint, checking your report must harm your score. However, this is far from the truth.

Published on 5 Apr 2018 by Kelly Luff

Full Article

What are address links and why are they on my file

At first the sheer amount of historic information held by Credit Reference Agencies can seem daunting when seen for the first time. This is certainly true for address links, which show all current and historic addresses recorded for you, as well as additional addresses that lenders think may be linked to you. But you can rest easy, because they're nothing to fear.

Published on 24 Mar 2018 by George Coburn

Full Article

How to Change Wrong Information on Your Credit Report

Making sure you have the right information on your credit report is essential, not just if you want to apply for any form of finance, but also because potential landlords and employers may want to check your information as well. But even if you think you’ve maintained a perfect credit history, the number of different sources of data that the UK’s four Credit Reference Agencies draw from leaves plenty of room for errors.

Published on 19 Mar 2018 by Katherine Cornell

Full Article

How long is your credit information really held for

When applying for credit, the majority of lenders will search for your credit files with the Credit Reference Agencies to determine whether they will be willing to lend to you. Any information obtained from the agencies can then be used in the lender’s evaluation of your creditworthiness.

Published on 15 Mar 2018 by Tom Blandford

Full Article

What Credit Searches Mean

One of the most commonly misunderstood aspects of credit files are the credit search footprints left on your report whenever someone accesses your file. One popular misconception is that ‘too many credit searches will put off potential lenders, but the truth is you’d have to make an alarmingly large number of applications for that to happen.

Published on 9 Mar 2018 by Kirstie Brown

Full Article

Arrangement to Pay markers

Have you seen an ‘AR’ mark on your credit file? Chances are you might glance at the letters and assume that they relate to payment arrears. However, on many credit file providers’ reports an ‘AR’ appearing on the payment history means an arrangement to pay has been recorded on the account.

Published on 20 Feb 2018 by Ben Ryland

Full Article

Credit search footprints left by comparison sites

If you’re one of the millions of people who use comparison websites to make sure you’re getting the most competitive insurance quotes, you might have noticed that every time you use a comparison site, you get an increased number of searches on your credit report.

Published on 16 Feb 2018 by Arron Dickens

Full Article


We have loads of great customer reviews