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

Want an iPhone 5 - better make sure your credit rating stacks up first

Posted by Richard Catlin in Credit Score on 21 September 2012 - Richard is Marketing Director at checkmyfile.

The long-awaited iPhone 5 was finally revealed in a blaze of publicity last week, and is already predicted to become the biggest selling smartphone of all time.

With more than 2 million pre-orders placed in the first 24 hours, Apple are already warning that demand is outstripping supply and that many of the orders wouldn’t be shipped until October.

Regardless, the handset is likely to smash the records set by its predecessor, the iPhone 4s, with global sales of over 50 million by the end of the year being mooted.

Hard core fans have already begun queuing outside Apple stores in a bid to be among the first to get their hands on the must-have gadget for 2012, despite the whopping £529 ‘unlocked’ price tag.

UK mobile networks are taking pre-orders for phones that come with a pay-monthly contract, allowing consumers to get the handset at a significant discount – albeit with a hefty monthly commitment on top.

Even if you can afford the up-front cost, can stomach paying out £36 or more a month, and manage to navigate the fight for available stock, there’s one more potential hurdle before you can get your hands on an iPhone 5 - your credit rating.

Given that mobile networks subsidise the cost of the handset (hence the high monthly line rental), they stand to lose a lot of money should a customer default on their contract. This is especially true for top-end handsets such as the iPhone. As a result, customers who get a snazzy phone free with their contract are subject to credit checks before being able to get their hands on it.

Any evidence of problems paying previous credit agreements could see the application turned down flat, especially if the late payments were against another mobile contract.

As with other credit agreements such as credit cards and loans, each provider will have their own acceptance criteria, and won’t give you the exact reason if you are declined.

Even if you manage to get approved, previous credit problems might see you asked to pay an additional deposit or have a spend limit applied to your account.

Given the clamour to own the latest handset as soon as it is available, being turned down for credit would be a major disappointment for most people – especially if they didn’t really know why. That’s why it’s so important to be aware of the information that is held about you and used to make these decisions.

And if all else fails, you’ll have at least a year to try and improve your credit rating in time for the iPhone 6…

Richard Catlin is Marketing Director at checkmyfile.com. He has a degree in Geography from the University of Glamorgan and can be contacted at richard@checkmyfile.com

Do Student Loans Affect my Credit Score?

According to government statistics for 2019, UK students (those currently studying and already graduated) owe a colossal £121 billion in outstanding student loans. To put this gigantic pile of UK debt into perspective, it overshadows the entire world’s combined annual budget for space programmes. All the cutting-edge, space-bound engineering and cosmic knowledge of the world’s most well-funded space agencies, NASA (US), ROSCOSMO (Russia), and CNSA (China) only collectively reach an estimated £28 billion a year – barely comparable to the grim achievement of today’s British students.

Published on 4 Mar 2020 by Sam Griffin

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What's More Important: Your Credit Score or Report Data?

The relationship between Credit Scores and Credit Reports is pretty cyclical: one being strong usually means the other is equally good and you should have easy access to credit, right? Well, in a way. You might be surprised though how much of a role a ‘score’ really plays when it comes to borrowing.

Published on 12 Feb 2020 by Paul Anderson-Riley

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Do we use FICO in the UK?

A US news story has dropped that’s generating some charged discussion about FICO, the American credit scoring company. FICO has recently announced that the way it calculates Credit Scores is changing. Due to a re-jig in its algorithm, an estimated '40 million Americans are likely to see their Credit Scores drop'.

Published on 10 Feb 2020 by Sam Griffin

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Bad credit on an address myths

When moving into a new house, the first thoughts that go through your mind could be along the lines of “what colour am I going to paint the kitchen?” or “will my wardrobe actually fit in the bedroom?” You may not immediately ask yourself “I wonder how much debt the previous occupant had!”

Published on 9 Jan 2020 by Kirstie Brown

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10 Credit Myths Busted

Credit checks are an integral part of modern life: from buying a house or car to applying for a new job or passing a tenancy check, your Credit Report is remarkably versatile. But considering the important role Credit Reports can play, there are still a number of popular myths surrounding them. We’ll look at ten misconceptions to point you in the right direction.

Published on 30 Dec 2019 by Kirstie Day

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How does my ‘Credit Age’ affect my Credit Score?

Credit age is a difficult concept to define and can be tricky to get your head around. This isn’t about what year you were born – it’s more a reflection of how long and to what extent you’ve been using credit and is an important consideration when looking at your Credit Score - especially if you’re looking to improve it.

Published on 23 Dec 2019 by Andrew Brown

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Age matters when it comes to your credit score

Credit Action, the National Money Education Charity, scares everyone witless every month with unnerving financial statistics. A few examples include the fact that a property is repossessed every hour and 43 minutes, that every four minutes someone is declared insolvent, and that the Citizens’ Advice Bureau deals with 2,595 new cases every day. In its October 2019 statistics, the charity advised that average household debt is a mere £59,441 including mortgages. According to the BBC, the stat without mortgages has risen sharply to £15,385.

Published on 5 Dec 2019 by Barry Stamp

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Is there discrimination in credit assessment?

Apple could find itself in hot water in the US after a weekend of high-profile claims that applicants to its recently launched Credit Card were discriminated against on the basis of gender.

Published on 11 Nov 2019 by Barry Stamp

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Why do I get different Credit Scores?

The first ever idea of a Credit Score was introduced in the 1950s in the United States. Almost by accident, as Bill Fair and Earl Isaac discovered that a study looking at a potential predictor of ill health could be better used to predict bankruptcy and default. They teamed up to form Fair Isaac, Inc, now FICO, to sell credit scores to lenders. FICO scores are now household names by consumers in the US, as they are used extensively, with little competition.

Published on 3 Sep 2019 by Andrew Brown

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Does Gambling Affect Your Credit Score?

If you’re among the 32% of Brits that gamble on a weekly basis and are thinking of applying for some form of credit in the near future, you might be wondering whether your activity could affect your Credit Rating and your chances of being accepted.

Published on 13 Jun 2019 by Richard Catlin

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