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.

Annual Percentage Rate

What is APR?

An Annual Percentage Rate (APR) is an interest rate that can be used to compare the cost of credit between lenders. Annual Percentage Rates were introduced by the Consumer Credit Act 1974 to force lenders to include all elements of purchasing credit that are incurred in the first year, such as arrangement fees, thereby making it easier for consumers to understand the actual cost of a credit product, such as a credit card or a loan.

Not only does it take interest into account, but it also includes annual fees and any other associated charges over the course of a year.

It is one of the core pieces of information included in a Schumer Box and is usually described as a representative or advertised APR, which simply means more than 50% of their customers accepted will be given the advertised rate. In reality, you may be offered a higher rate of interest and thus higher APR based on your Credit History.

Although calculating APR is straightforward for a personal loan or for a mortgage, it can become more complex in the context of credit card borrowing. The monthly use of a credit card can vary so assumptions are made on how much outstanding credit card debt is repaid each month.

Similarly, APR is equally unhelpful as a measure when comparing the costs of payday loans.

Each credit card company makes its own assumptions on usage; there is no standard or prescribed model – and this is where confusion can arise. Because of this, Annual Percentage Rates quoted by credit card companies should be used as a rough guide, as your own experience may produce a different cost of credit, either much lower or higher, depending on many factors.

If you are looking to take out any form of credit, remember that you may not get the advertised APR, so you still might need to shop around to find the best deal for you. Ensure that you read the Summary Box fully to understand when any introductory offers expire and the subsequent rate that will then apply.

Q: What APR will I get when I apply for credit?

A: It will depend on the information on your Credit Report. If you have a good history of borrowing and repaying, chances are you’ll be offered the advertised rate. If you have little credit history or adverse information on your Credit Report, you may be offered a higher rate.

You can see the information that lenders will assess by checking your Credit Report. If you haven’t already, you can try checkmyfile free for 30 days, then for just £14.99 a month afterwards, which you can cancel at any time online. You’ll get access to the UK’s most detailed credit report, with complete information from Equifax, Experian, TransUnion, and Crediva, letting you see what lenders see.

Jargon Buster

Use the links below and the resulting list of terms on the right to locate the term you are looking for. If you can't locate it, please get in touch.