Credit reports are a detailed account of your financial transactions. They are used by lenders to confirm your identity and to assess your financial history, which helps them to decide whether you are a good candidate for borrowing money. They also include information on current and previous addresses and details of any financial connections (for example, the name of the person you share a joint account with)
Credit reports are compiled by credit reference agencies. There are three major credit reference agencies, Callcredit, Equifax and Experian. Your financial information is often split between the agencies, so it’s recommended to keep up to date with all of them when necessary.
Checking a Credit Report
Everyone has a legal right to access their credit reports at a cost of £2 per credit reference agency. There are also ways to check it for free, this can be done using credit report websites such as Noddle and Clearscore.