Credit Reports Explained
A credit report is a file compiled by an independent agency (such as Equifax or Experian) to give business partners and lenders enough information to make a quick and timely decision on extending you credit. Your credit report includes payment history and information from the electoral roll. Court records related to county court judgments (CCJs) and bankruptcies will also be included as applicable.
Lenders and other creditors will use the information on your credit report to confirm your identity and to determine your credit worthiness. Most lenders have proprietary credit scoring algorithms which use information which you provide together with your credit report to give you a credit score. The better your score, more likely you are to get a loan on favorable terms from a lender. Your credit score might effect the size of the loan and interest rate on the loan which a lender will offer you. Remember that every lender uses a slightly different credit scoring technique and therefore you should shop around for the best deal available.
But, be careful about applying for too many loans all at once. Your credit report will include a record of the number of times your report has been requested by a lender (called a "search"). Many lenders consider a high number of searches in a short period of time to be a negative credit risk and will lower your credit score as a result.
If you would like to investigate your alternatives without submitting to a credit search, use our free non-obligation quote service. You will only be subjected to a credit search when you actually pursue an indicative quote that fits your needs and complete an application or enquiry form with the lender.
The following links provide some information on the types of information recorded on your credit report and the sources of this data:
You should contact the credit agencies directly to see the contents of your report and to dispute any inaccuracies related to your report.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. All loans are subject to status. Written quotations are available directly from the lender on request to the lender. A broker fee might be due on transactions completed through this site.
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