Multi Agency Credit Report

What is a multi-agency Credit Report?

A Multi Agency Credit Report is a Credit Report which shows you information from multiple Credit Reference Agencies. At present, checkmyfile is the only Multi Agency Reporting service in the UK.

There are four main Credit Reference Agencies in the UK: Crediva, Equifax, Experian and TransUnion. When you apply for credit, the lender will typically obtain your Credit Report from at least one of these agencies and use the information provided (along with information you may have provided as part of your application) to assess your suitability for the product you have applied for.

Most agencies report two types of data: public information (data available from a number of public sources) and account information (your credit history). checkmyfile provides public & account data from Equifax, Experian and TransUnion, and public information from Crediva.

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Q: What is the advantage of a Multi Agency Credit Report?

A: When you undergo a credit check, you may not be aware in advance which Credit Reference Agency is used to retrieve your information. Similarly, some lenders will retrieve your information from multiple agencies, so unless you know for certain that a single agency will be searched and if so, which one, a Multi Agency report may be the easiest way to make sure your information is being reported correctly by all Credit Reference Agencies without having to check each individually.

Q: How can I tell what information is being reported by which agency?

A: When checking your checkmyfile Credit Report you can identify which agency holds certain information by checking for the following agency symbols:

CC – TransUnion

EQ – Equifax

EX – Experian

TU – Crediva

Q: Why do different agencies hold different information?

Lenders are under no legal obligation to report information to Credit Reference Agencies, but are required to do so under the Principles of Reciprocity if they want to access consumer credit data. As such information is typically only provided to agencies that lenders hold data-sharing agreements with. This can result in data being held by some agencies but not all, and to reflect this the information reported by each of the agencies can vary.

Administrative errors can also lead to public information being reported differently from agency to agency, which can affect the outcome of credit checks.

Your checkmyfile report allows you to see exactly what is held about you and what information a lender will have access to, regardless of which Credit Reference Agency or agencies are used should you apply for credit.

Why is my checkmyfile score different to the scores provided by each agency?

A: checkmyfile uses a lender scorecard when assessing the information from each agency, allowing you to see your score as a lender may be likely to view it. In comparison, the scores you can obtain from each of the agency individually would be calculated using their own scorecards and as such may show a different score even if the same data is present.

By using the same scorecard, checkmyfile allows you to directly compare the information held by each agency.

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