Your Financial Credit History

Category: Finance, Credit.

I would like to begin this article by giving a few definitions of terms used.

Equifax draws together all your credit data from a number of places to come up with a file that reveals your personal credit history- i. e. your credit file. Equifax is one of a number of chief UK credit reference agencies. In the event you fill out an application for any credit, loan companies will check out your credit file to understand your credit record. The Equifax internet website has a great deal of practical instructions on making proper financial choices and safeguarding yourself from fraudulent schemes. You could request a duplicate of your report when ever you like to check that everything is in order. Experian is one of a number of chief UK credit reference agencies.

This is known as a credit file. Loan providers will go to credit referencing agencies to determine the qualifications of a potential borrower founded on their financial past. As a borrower, you could request a copy of your report from Experian to check that all the facts and figures on it are accurate and that your financial details aren t being used illegally. Lenders will study your credit report to see your existing and earlier financial history. A credit check is a kind of search executed by a prospective loan company to gauge how suitable you are for a loan. Lenders can then attach to you a a credit rating to identify if the manner in which you manage your money matters meets their requirements for being granted credit.

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. A credit report is basically financial data about you held by a credit reference agency( such as Experian, Equifax or CallCredit plc) . Or for a job or as a tenant. The data on your file includes: Personal information such as your name and any previous names you have been known by, current and recent, date of birth addresses, current and previous employers. 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. Your financial credit history. 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.

This details current and previous credit from the last six years, including amounts currently owed. Any bankruptcies, County Court Judgements( CCJs) or arrears etc. Provided they have your consent, your report can be viewed by anyone with an acceptable purpose. Information about your current or savings accounts, CCJs that are, or bankruptcies more than 6 years old are not shown on your credit file, nor your political affiliation, ethnicity, medical history, religion, nor criminal records. These include: potential lenders. Any Government Agency.

Landlords. Employers and potential employers and an individual or organisation that has your written authorisation to obtain your credit report