Covid 19 Status

In line with HM Government requirements to fight the spread of Covid-19 we have measures in place to ensure that we protect our staff, their families and the wider community, but also to ensure that there is minimal disruption to our customers.

Your access to online Multi Agency Credit Reports, Expert Help and Account Management remains unaffected. We take great pride in the support that we provide to our customers and throughout this period will do all we can to minimise the impact on our services. While the country remains in lockdown we will continue to support your queries via a dedicated and experienced team that will be securely working from home, and supported by a Management Team that will continue to be based at our head office and who will be able to provide customer support as required.

The security measures that we have in place to protect your Personal Data, in line with our Privacy Policy, will mean that some elements of our personalised support are affected during this period as our support team will be working with anonymised data when working remotely. Freephone access to our Credit Analysts has been removed during this period while we focus our efforts on continuing to reply to all of your emails and secure messages within one working day.

Thanks for your understanding, and we hope to have full customer support available as soon as possible and wish you well during these challenging times.

CREDIT REPORT SERVICES AND ONLINE EXPERT HELP ARE FULLY OPERATIONAL - PHONE LINES ARE CLOSEDCOVID-19 STATUS

ONLINE SERVICES FULLY OPERATIONAL
PHONE LINES ARE CLOSEDCOVID-19 STATUS

What Lenders Want To See On Your Credit Report

Posted by Sam Griffin in Credit Reports on 2 May 2019

Your Credit Report holds a huge amount of information about you and your past relationship with credit. It’s collated from a wide variety of sources, is always changing and plays a major part in any lending decision - but you shouldn’t be afraid of what it shows.

In fact, knowing what information is held about you and what prospective lenders are looking for in an ideal customer could help improve your chances of being accepted next time you apply for any sort of finance or credit agreement.

Checking your own Credit Report will also allow you to verify that everything being reported is correct, as although rare, errors do happen.

Here are the main elements you should check:

A Good Payment History

In an ideal world, your payment history for old and existing credit agreements would show a sea of green ‘OK’ markers. These show that the required payments were made on time that month, and collectively demonstrate that the account has been well-maintained.

It’s not just positive information that is reported though. Late payment markers are a fairly common occurrence on Credit Reports and allow prospective lenders to see if you’ve had any problems meeting repayments in the past. Just how much of an impact this has on your Credit Rating will vary, depending on how late those late payments were.

The odd late payment shouldn’t have too much of an effect, assuming the majority of your accounts are all paid on time, but anything more than 1 month late and you might start to see some lenders get twitchy.

Account information is generally reported for a period of six years, and the recency of any information will also have a bearing on the impact it has.

This article will give you more detail on the types of payment marker that can show on your Credit Report.

That you are ‘credit active’

As well as looking for evidence of how you’ve managed credit agreements in the past, lenders will also check to see whether you are credit active. This is another indicator of your relationship with credit. For example a credit card provider might want to know if you’re likely to use a card if they issue one, rather than simply leaving it in a kitchen drawer for emergencies.

Being credit active (as long as you pay everything on time) will also ensure that you will be able to demonstrate a consistent and recent record of being creditworthy.

We wouldn’t recommend taking out credit for the sake of it, but used in the right way it can help.

If You Own your home

Whether or not you own your home isn’t something that is specifically detailed on your Credit Report, but any mortgage account will be reported (and usually by more than one Credit Reference Agency).

Some lenders may look at a well-maintained mortgage more favourably than other types of account and though owning your own home isn’t something you can change overnight, as a general rule, credit ratings go up as you get older and having a mortgage often forms part of that cycle.

With any mortgage, it’s vitally important that all repayments are made on time. While a prospective lender might be prepared to ignore the odd late payment on a store card, it is unlikely to take the same view if there are late payments recorded against a mortgage.

Correct Public information

In addition to the information that shows how you have repaid existing and previous credit agreements, ‘public’ data is also reported on your Credit Report.

Some smaller lenders, employers and landlords can often only see this level of information, which largely consists of the Electoral Roll, Court Information and Insolvencies.

Don’t underestimate the importance of being registered on the Electoral Roll at your current address: it makes it easier for anyone checking your Credit Report to verify who you are and where you live and demonstrates stability. As such, the longer you’ve been registered at your current address, the better.

Any previous addresses you’re linked with will also appear on your Credit Report, often even if you don’t disclose them. To make it easier for lenders to find the information they need, it’s important that you provide your addresses in the same, consistent format.

Other people

It’s not just your own financial history that can determine the outcome of a new credit application: anyone you are financially linked to on your Credit Report will also be assessed, and can have a positive or negative impact on the outcome depending on their own credit history.

It’s important to check this section carefully, as financial associations don’t end just because a relationship does. If you do find an association that is no longer applicable, you can ask to have it removed by lodging a Notice of Disassociation at the relevant Credit Reference Agency.

See How You Appear to Lenders

Before you apply for credit it’s important to check your Credit Report for yourself to make sure everything is appearing as it should be so that know exactly what a prospective lender will judge you on.

If you haven’t already, you can try checkmyfile FREE for 30 days. You can cancel anytime online, or via freephone or email. After the free trial, it costs £14.99 a month until cancelled.

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Published on 8 Apr 2020 by Sam Griffin

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How Your Phone Contract Affects Your Credit Report

Some people only really consider their Credit Report and the information it contains when they’re about to apply for a traditional form of borrowing, such as a credit card, loan or mortgage. That's why for some it can come as a bit of a surprise to learn that many of the same checks are involved when attempting to take out a mobile phone contract.

Published on 6 Apr 2020 by Tom Magor

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Guide to Financial Associations

It's not uncommon for someone checking their Credit Report for the first time to notice information that’s out of date or simply inaccurate – but by far one of the most frequent offenders for this is the record of a Financial Association.

Published on 24 Mar 2020 by Sam Griffin

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Can Right to Erasure Get Rid of Bad Credit History?

General Data Protection Regulation (GDPR) was introduced on 25 May 2018 and, unless you’ve managed to avoid the internet and checking your emails completely since then, you’re likely to have been bombarded with messages from nervous sounding websites updating their privacy policies.

Published on 5 Mar 2020 by Jamie Mackenzie Smith

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Will checking my credit report affect my credit score

Does checking your Credit Report lower your Credit Score? This a question we’re regularly asked, especially as the importance of Credit Reports is becoming more widely understood. The question seems to be based on a simple idea: when someone else checks your Credit Report, it damages your Credit Score, so it must also be true when you check it yourself. Thankfully, this is far from the truth.

Published on 26 Feb 2020 by Kelly Luff

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How to remove Financial Associations

A Financial Association is another individual with whom you’ve had some financial connection – usually a spouse or partner or family member. Once a Financial Association has been created, it will remain on your Credit Report indefinitely, until you manually request to have it taken off.

Published on 24 Feb 2020 by Sam Griffin

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Other names on my Credit Report

Your Credit Report is a detailed record of your financial history – one that is central to all sorts of major life events, like applying for a mortgage, a new car, or even a job. Unexpectedly finding another person’s name on your Credit Report can therefore understandably cause a bit of a shock.

Published on 19 Feb 2020 by Sam Griffin

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The Advantages of a Multi-Agency Credit Report

These days your Credit Report can be checked for any number of reasons throughout the year, including background checks during job applications, landlord checks and even from insurance or utility providers when you shop around for quotes.

Published on 14 Feb 2020 by Paul Anderson Riley

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Disputing a Late Payment or Arrears Marker on your Credit Report

Many of us have been there – we have too many things on our mind so we may have missed a payment on our credit card or loan. But what happens when you check your Credit Report and spot a late payment or case of arrears that you know aren’t correct? Where do you stand and what can you do to rectify the error?

Published on 7 Feb 2020 by Kirstie Brown

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Why do organisations share my personal data?

You may have seen recently that Lewisham and Greenwich NHS Trust has been sharing patient data with the Credit Reference Agency, Experian.

Published on 4 Feb 2020 by Sam Griffin

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