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If you apply for credit, whether it be a personal loan, overdraft or a credit card all lenders such as Banks, finance companies and shops (in the case of store cards) will credit score your application for credit to ensure that if they do lend the money you will repay it back. Your personal credit file is held by companies called credit reference agencies and these provide the necessary personal information to help lenders reach a decision.
If your personal information held by a credit reference agency incorrect this could act against you and lead you to be declined for credit so it is important to check your credit file on a regular basis to ensure the information is not incorrect or out-of-date.
To learn further information about credit, your rights and what to do if things go wrong please call our free advice consumer support line on 0845 055 8152 or complete the enquiry form to the left.
What are credit reference agencies?
The main credit reference agencies lenders use to make credit decisions are:
- Experian
- Equifax
- Callcredit
The credit reference agencies will provide the lenders with the relevant information required about you as well as previous payment history on current and/or previous loans. In addition to this other information kept on your credit file is information about whether you are registered on the electoral roll, date of birth, address and previous addresses, any aliases or any known name who are financially linked to you, as well as other information such as CCJ’s, Bankruptcy Orders, IVA information, Administraton Orders ,High Court Orders and any notices of correction.
This information held by credit reference agencies is called your credit file or credit report.
Being Refused Credit?
If you think you have been refused credit unfairly, you can ask the lender to explain the main reason why and review their decision. Even if the lender reviews their decision, it may still turn you down. You can request a copy of your credit reference file from any of the three main consumer credit reference agencies in the UK.
How do I get my credit reference file?
You have the right to write to any of the credit reference agencies and ask for a copy of your credit reference file, there is a fee to pay to get a copy of your credit file.
Your letter should include:
- your full name -also any other names you have been known by e.g. you maiden name
- your full address including postcode
- any addresses where you have lived over the past six years
- your date of birth
- a cheque or postal order for the fee to the credit reference agency
You should keep a copy of your letter and you may want to send it by recorded delivery. The credit reference agency has 7 working days to send you your file after receiving your letter and fee.
The addresses of the main credit reference agencies are:
Equifax Plc
Credit File Advice Centre
PO Box 1140
Bradford
BD1 5US
Call Credit Plc
Consumer Services Team
PO Box 491
Leeds
LS3 1WZ
0870 060 1414
Experian Ltd
Consumer Help Service
PO Box 8000
Nottingham
NG80 7WF
0870 241 6212 |
