Frequently Asked Questions

Yes, these include:

• Statutory credit report - this is a version of your credit report, although it won't contain the same details and features of a credit report that is paid for monthly. When requested, a credit reference agency is required to provide this information to you free of charge.
• Free trial credit report - most UK credit rating agencies will let you access a full credit report for a trial period (usually for two weeks to a month). After which there will be a monthly charge unless you cancel the service before the trial period expires. 
• Free credit reports - some providers offer a continuous free credit report service. These include Credit Karma (by TransUnion), Totally Money and Clear Score.  
  
  

You can compare free and paid credit reports services on MustCompare.

This will vary by credit reference agency, but will usually include:

• Personal information, including current and past home addresses.
• Accounts details of credit card accounts, instalment loans (mortgages or car loans), bank account and overdrafts. This will also include balances, payment history and account status.
• Late payments and defaults on any overdue debts and missed payments (including utility bills)
• Public records such as bankruptcies and county court judgements.
• Information on recent searches made by lenders and other third parties on your credit file.
• Details of joint applicants where you have a loan or credit cards as a joint borrower or persons financially linked with you.
• If you've committed fraud or someone has stolen your identity and committed fraud.
  
  

Defaults (or missed payments) and county court judgements will be visible on your credit file for six years (regardless of whether you do pay it off later). Bankruptcies can be on your file for up to 15 years. Hard searches (or enquiries made on your credit report by lenders) will be visible on file for one year.  

A hard search or credit check happens when a company performs a check on your credit file - for example; you apply for a credit card or a car loan. Mobile phone providers and utility providers also perform hard searches.

A hard search will appear on your report, other companies and lenders will be able to see you have been applying for credit. Many hard searches over a short period will harm your ability to apply for credit successfully. These type of searches stay visible on your credit file for one year. 

Credit Reference Agencies (or CRA) collect and store personal and financial information that is used to create a credit file or report. The same information is used to calculate a credit score. The higher the number, the better your credit rating, and the better your chance of being approved for credit. The main Credit Reference Agencies in the UK who provide credit checks are Equifax, Experian and TransUnion. 

This will depend on the credit reference agency as they all have their own system. Good to excellent credit scores are rated as follows:

• Experian credit score
  Good: 881-960
  Excellent: 961-999
• Equifax credit score
  Good: 420-466
  Excellent: 467-700
• TransUnion credit score
  Good: 604-627
  Excellent: 628-710