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.

What is an...

Annual Percentage Rate

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 make their products – specifically the cost – more transparent.

Any quoted APR represents the cost of credit for the first year of opening the credit agreement. An APR will be a combination of interest rates and annual fees and special offers, expressed as a single percentage.

Will my APR appear on my Credit Report?

Your Credit Report is a record of your credit agreements, showing their repayment history, current balance, and more. APR and interest rates, however, aren’t reported to or by the Credit Reference Agencies.

This is because the primary purpose of a Credit Report is to help a lender assess your creditworthiness, so your current interest rates would be largely irrelevant.

The APR that you’re offered is often influenced by the health of your Credit Report, so it’s a good idea to check yours before applying. Our Multi Agency Credit Report gathers your data from Equifax, Experian, TransUnion, and Crediva onto a single report, saving you time and making sure nothing important is missed.

You can try checkmyfile free for 30 days, then for just £14.99 per month. Cancellation is easy online, at any time.

How is APR calculated?

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 largely 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.

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