Credit Reference Agencies
Contents
Statutory Credit Report
By law you have the right to request a Statutory Credit Report for £2. This is posted to you within 7 working days of receipt of your request and payment.
Your Statutory Rights Include the Right to:
Be posted a copy of your Statutory Credit Report within 7 working days of receipt of your request and payment
Dispute inaccurate information on your credit file
Have errors corrected within 28 days.
Under the Data Protection Act, CRA's are permitted by law to charge you £2 for each request you make for your Statutory Credit Report
There are three main credit reference agencies:
Not all companies use every CRA, so it is worth getting your credit report from all three.
What is a Credit Report?
Credit reference agencies maintain information about you and your credit history. This information is gathered on an ongoing basis from many sources that have extended you credit.
Lenders, employers, landlords, and other service providers buy that information in the form of a credit report to help them decide whether to approve your application for a loan, credit card, job, or housing, or to offer you a product or service at a particular rate.
Because your credit file changes constantly, it's important that you review your information regularly to check its accuracy. Do you need to check yours now?
What Information is Included?
Personal information. Compiled from credit applications you've filled out, this information normally includes your name, current and recent addresses, and date of birth, and current and previous employers.
Credit history. The bulk of your credit report consists of details about credit accounts that were opened in your name or that list you as an authorised user (such as a spouse's credit card). Account details, which are supplied by creditors with which you have an account, include the date the account was opened, the credit limit or amount of the loan, the payment terms, the balance, and a history that shows whether or not you've paid the account on time. Closed or inactive accounts, depending on the manner in which they were paid, stay on your report for up to 6 years from the date of their last activity.
Inquiries.
Credit reference agencies record an inquiry whenever your credit report is shown to another party, such as a lender, service provider, landlord, or insurer. Inquiries remain on your credit report for up to two years.
Public records. Matters of public record obtained from government sources such as courts of law -- including County Court Judgments and bankruptcies -- may appear on your credit report. Most public record information stays on your credit report for 6 years.
What is Not Included? A credit report does not include information about your current or savings accounts, bankruptcies that are more than 6 years old, charged-off or debts placed for collection that are more than 6 years old, gender, ethnicity, religion, political affiliation, medical history, or criminal records. Your credit score is generated by information on your credit report, but is not part of the report itself.
Who Can Look at Your Credit Report?
Anyone with what is considered a permissible purpose can look at your report. These companies, groups, and individuals include:
Potential lenders
Landlords
Insurance companies
Employers and potential employers (usually only with your written consent)
Companies you allow to monitor your account for signs of identity theft
Any government agency (although they may be allowed to view only certain portions)
Someone who uses your credit report to provide a product or service you have requested Someone that has your written authorisation to obtain your credit report
