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A Beginners Guide To Credit Report

When gathering information relevant to this issue it is good to start with a few definitions. Equifax is one of the important credit referencing agencies in the UK. Equifax compiles all your financial statistics from various places to develop a report that presents your personal credit history - i.e. your credit report. Should you apply for credit, lenders will study your credit report to understand your financial record. You can ask for a printed copy of your credit report at any point to check that everything is in order. The Equifax internet website has a lot of constructive information on making financial decisions and protecting yourself from scams.

Experian is one of the important credit referencing agencies in the UK. Lenders will refer to a credit reference agency to find out about the eligibility of an applicant based on their financial record. This is considered a credit file. As with every consumer, you can ask for a duplicate of your report from Experian to check that all the references on it are correct and that your financial details haven't been used for some scam.

A credit check is a form of research performed by a potential lender to determine how eligible you are for credit. Loan companies will check out your credit record to understand your present and previous credit history. Loan companies can then attach to you a a credit rating to check whether the manner in which you deal with your money matters fulfils their requirements for credit.

A credit report is basically financial data about you held by a credit reference agency (such as Experian, Equifax or CallCredit plc). The data is used by potential lenders, landlords and employers to help them make a decision as to whether approve your application for a loan or other credit; or for a job or as a tenant.
The information on your credit file is updated on an ongoing basis, and is provided by companies who have given you credit in the past and currently. The data on your file includes:

1. Personal information such as your name and any previous names you have been known by, date of birth, current and recent addresses, current and previous employers.
2. Your financial credit history. This details current and previous credit from the last six years, including amounts currently owed; details of credit accounts that were opened in your name (or ones where you are an authorised user); whether payments have been kept up to date or missed; any bankruptcies, County Court Judgements (CCJs) or arrears etc

Information about your current or savings accounts, or bankruptcies, CCJs that are more than 6 years old are not shown on your credit file, nor your political affiliation, medical history, ethnicity, religion, nor criminal records.
Provided they have your consent, your report can be viewed by anyone with an acceptable purpose. These include: potential lenders; landlords; any Government Agency; employers and potential employers and an individual or organisation that has your written authorisation to obtain your credit report

Article Source: http://www.articlemap.com

James Miller has written many other articles that are either directly about Natwest Mortgage Services and long term consolidation loans or otherwise relevant to top loans.

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