All Your UK Credit Reports are Free

Your Credit Report directly determines how easy it is for you to get credit or a loan or a mortgage and how large that credit or loan will be.

The Credit Reference Agencies gather information on all your borrowing and credit activities, including how much you borrow, how much is still outstanding on all your loans and credit cards, all the repayments you have missed, how long you have been in arrears etc etc.

They also store information on any CCJs, IVAs, Repossessions you have been involved in and whether you have declared Bankruptcy.

These personal details about you are called your Credit Report, but can often be referred to as your Credit File, Credit Record or Credit History - they are all the same thing.

When you make an application for credit, a loan or mortagage, your potential lender will do a Credit Check on you with one of the agencies to see if you are a risk or not.

The lender will calculate a number called your Credit Score from the credit/loan information held by the agency and this will be used when they make their decision.

Your Credit Rating is just a broader more general measurement of your Credit Score (eg Good, Bad etc). If your rating is Good then you are likely to be approved for a loan, but if it is Bad then you may not get it.

Even if you get a loan your Credit Score could still affect the size of the loan and also the Interest Rate that the lender will charge you for the loan.

A better credit rating will mean you could get a lower interest rate and/or a bigger loan. So get a higher credit score if you want cheaper and larger loans!

You can get copies of your personal Credit Report, using instant online access, from each of the Credit Reference Agencies (there are 3 in the UK) and currently each agency is offering a free 30 day trial.

So if you have never seen your credit report or want to get an up-to-date version of it, now is the time to do so.

Also it is very easy for mistakes and incorrect information to get on to your report and these errors, whether related to debt or personal details, could be affecting your credit score in a negative way, so checking your report and removing such errors could be very beneficial.

By fixing any problems you find on your credit report you will increase your credit score.

Get instant online access to all 3 of your UK Credit Reports here.

You know it makes sense!