Your credit report is basically your financial CV. It gives details of credit you have taken out, your repayment history, bankruptcies and court judgements, whether you are on the electoral role and much more. 

How are credit reports used?

When you apply for credit, the lender will usually check your credit report as part of your application. They use the information on your report alongside the other information you have given them to assess whether you are likely to repay any credit they offer you. This helps them to decide whether to offer you credit, and on what terms, rates etc.

What Information is held about me?

Information shown on your report can include:

• Profile Details
• Credit Accounts
• Electoral Roll
• Aliases
• Financial Associates
• Public Records
• Repossessions
• Previous searches of your report
• CIFAS - The UK's Fraud Prevention Service
• GAIN - Gone Away Information Network

The information on your credit report is comes mainly from public records such as court judgements and whether you are registered to vote, and from lenders. Many lenders share information about their customers accounts and payment history.

This information is stored securely by credit reference agencies - Experian is the UK's largest.

Who can look at my report?

Organisation can normally only look at your credit information if you have given them permission. They usually ask for this on the application form you fill in. When organisation search your credit report, the search is recorded. This means if you apply for a lot of credit in a short amount of time, potential lenders will be able to see this and it may affect their decision.

Credit Scores

Lenders often use the information on your report to calculate a 'credit score'. This will take into account positive and negative information, and organisations often use a score system to make decisions on offering credit.

How long is information held?

Details can stay on your account for a long period of time, even once a debt is settled. For example, County Court Judgements and Defaults often remain on your report for 6 years.

How Can I Find Out What's On My Report?

You can view your own credit report to see what information is held, and check it is correct. Your own views of your credit report are not recorded. Your credit report can be amended if it is not correct. To view your report visit the Experian web site.

If you have a bad credit history and are struggling to get a bank account, please see our section 'Banking after Debt'.