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.

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