Why is your credit report important?
Your credit report is at the centre of all your credit applications. If a credit provider doesn't like it, they will be unlikely to grant you credit. If they do grant you the credit, you may not be offered favourable terms.
Have you ever wondered what information your credit report contains? This guide will tell you about the nature of the information contained in your report.
If you are considering applying for credit after bankruptcy, it will help you greatly if you read:
Electoral roll information
The electoral roll shows when you have been registered to vote. Credit providers use this section of the credit report to confirm your address. It helps them with their money laundering and fraud prevention and detection. Credit providers will usually refuse you credit, or ask for additional proof, if your name and address does not show up in this section.
See about my vote for information on how to get on the electoral roll.
Financial Associations
This section of your credit report shows any individuals that you have previously had a financial link with. This includes joint bank accounts, joint credit applications and joint judgements.
The association will remain on your report, until you break it. For information on how to dissociate yourself from someone that you are no longer financially linked, contact the relevant credit referencing agency
Public Records
The public records section contains of your credit file contains details about your court judgements, bankruptcies and individual voluntary arrangements. Each will remain on your file for six years.
Bankruptcy restriction orders are also held on file for the duration of the order.
Account Information
This section contains information about credit accounts that you hold. It will show if you have missed payments, outstanding balances and any defaulted accounts.
The information is provided to the credit referencing agencies by the credit provider. Only the credit provider can change this information.
Usually a status code is used to explain the conduct of your account. For example "1" may mean that you are one month behind with your payments. Current accounts are treated slightly different to credit accounts because of their flexible nature.
Previous searches
This sections shows the companies that have previously searched your credit report, either to confirm your identity or for a credit application.
A company must always ask you permission prior to searching. When they do search they will leave a "footprint". The credit reference agencies use this as part of fraud prevention. A large number of searches or credit applications may indicate fraudulent activity.
Repossession Information
If your property has ever been repossessed, then this will show up on your credit report.
Linked Addresses
This shows addresses that you have previously had a connection with. Contact the credit reference agency if it is incorrect.
CIFAS - UK's fraud prevention service
This section contains information from CIFAS, the UK's fraud prevention service. It does not mean you have committed fraud if there is an entry, however, it would be good practice to contact the organisation that made the entry.
GAIN - Gone Away Information Network
GAIN is a network through which lenders share information on customers with debts who have moved home without giving a new address. The information may include the address the customer moved from and any address the customer has since been recorded at.
