Credit Report

What is a Credit Report?

A Credit Report (also referred to as a Credit File) is a record of your financial history maintained by Credit Reference Agencies, sourced and updated by lenders and public records, which is used by lenders to help make better informed lending decisions.

There are two main types of credit report – a public credit report and a private credit report:

Your public credit report usually consists of Electoral Roll information, insolvency records, Judgments and any Notices of Correction. This is the type of data seen by landlords and employers when they run a credit check – it is largely used to verify that you are who you say you are.

Your private credit report consists of your public credit report plus credit history information obtained from lenders who are members of data sharing clubs such as CAIS, Insight or Share. Only 200 or so lenders can see your private credit report.

Credit Reference Agencies don’t keep credit reports in real time. Those that include account history within their credit reports receive monthly updates from lenders, which are then quality control checked and loaded to their own database. This means that account balances and limits are usually 2-7 weeks out of date at the Credit Reference Agencies, but this does not detract from the value of the six year history of credit contained on credit reports for the intended purpose of helping lenders assess the ability to repay new credit.

With the exception of search and enquiry footprints, credit reference agencies do not own the data they supply. Lender-supplied information is subject to the Principles of Reciprocity, which govern what data can be used by who and for what purpose.

The credit reports used in the UK are amongst the most advanced and sophisticated in the world.


Q: How often is my credit report updated?

A: Credit Reference Agencies typically update your credit report once a month so any changes to loan amounts, negative information or basic information may not appear on your credit file until at least a month after the changes have taken place.

Q: Who else can see my report?

A: Only you and people you have given permission to access your file. That’s why a lender or potential employer requires a number of forms of identification before they can access your report.

The exception to this is when a debt is sold on to a collection agency, at which point they can legally able to check your credit file.

Q: How can I check my Credit Report?

A: checkmyfile is the only service that lets you check data from 4 Credit Reference Agency, not just 1, giving you the most detailed credit report in the UK. If you haven't already, you can try us FREE for 30 days, then for just £14.99 a month, which you can cancel online at any time.

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.

A
B
C
D
E
F
G
H
I
J
K
L
M
N
O
P
Q
R
S
T
U
V
W
X
Y
Z
keyboard_arrow_left

keyboard_arrow_right

We have loads of great customer reviews