Your credit file contains a range of information that collectively reflects your creditworthiness and financial history. Credit Reference Agencies compile and maintain this information. Each Credit Reference Agency (CRA) will hold slightly different information about you in your credit file. The three main CRAs in the UK are Experian, Equifax and TransUnion. It is essential to ensure that the information that all 3 hold is correct.
In general, your file will inculde:
- Personal Information – this includes your name, date of birth, current and previous addresses.
- Credit Accounts – details of your credit accounts such as credit cards, loans and mortgages. This shows your account balances, credit limits, payment history and the status of each account.
- Payment history – showing whether you have made payments on times, missed payments of defaulted.
- Search Footprint – details of when your credit file has been accessed by lenders of other authorised parties. This includes both soft and hard searches.
- Financial links to other people – e.g. a joint loan or bank account
- Electoral Roll Information – if you are on the electoral roll as your current address, this is crucial for confirming your identity.
- Any CCJs (County Court Judgements) against you that are not paid in full within one month of receiving the notice.
- If you have been declared bankrupt of have entered an IVA (Individual Voluntary Arrangement)
Your credit file will not include the following information:
- Your Salary
- Student loans
- Medical history
- Criminal record
- Council tax arrears
- Parking or driving fines
Lenders may ask for this information when applying for credit.
Different lenders may use different credit reference agencies and might report data to only one or two of them. This can lead to variations in your credit report across agencies. Monitoring your credit file regularly is essential to ensure its accuracy, address any errors and make informed financial decisions.
