The credit report holds your credit history such as all the credit purchases you have made via a credit scheme or through a broker,bank or credit organising institution. There are three major credit monitoring agencies in UK like Experian, Equifax, CallCredit, with Experian being the largest among all the credit report agencies.
What Does The Credit Report Comprises of?
As we mentioned earlier, the credit report file holds all your personal information along with all credit related information that is available to registered lenders to access it when you make an credit application.
In the credit report you are given a credit score usually ranges from 350 to 850, with 350 to be a low value score and some lenders may offer you the credit you asked for with low credit score on a higher interest rate or with a sufficient deposit.
It is very possible to have incorrect information recorded about you in the credit report, but the only way you could find out is by having a look at your credit report often. The Credit Reference Agencies UK based ones offers Free Trials to have a look at your credit file.
How Many Times Should You Check The Credit Report?
There are no limitations on how many times you can see your online credit report and score since you could sign up several times on the free trials offered by these credit report agencies. We highly recommend you to check your credit report with all of them so that you could find out the differences recorded about you.
What Should I Do If The Credit Report Has Incorrect Details?
Since there are many credit reference agencies, to see your credit report you should have an up-to date information about your file and cross reference with other agencies to find out have all the three agencies Experian, Equifax and CallCredit all have recorded correct or incorrect information about you.
Simply follow the 10 steps below to correct the credit report and your credit score thus helping you to help prevent declined and refused application when you need products/services on credit.
10 Steps for The Credit Report Dispute Process:
1. Sing up for Free Trials with Experian, Equifax and CallCredit.
2. Download and print out all three credit reports.
3. Find out the incorrect information and make a note of the correct details next to the incorrect ones.
4. Remember to keep your head cool when you speak to them for correction(s). This is your credit file, so you are responsible for making the corrections if found.
5. Call up Experian (08444818000 / 01159356600), followed by Equifax ( 08443350550 / 08000665825) and then CallCredit to update incorrect details.
6. Do not ignore even the tiny errors as it can damage your credit rating and effect your overall credit score.
7. Show a professional approach and have all your personal information with you so that you could verify when needed. Also have the reference number of your credit file which can be found in your Free Trial credit report.
8. Understand and correct the two kinds of the credit report errors – Flubs and Frauds. Flubs are small errors caused by individual mistakes where as Frauds are intentional and illegal activities on your name and details. Do not ignore it, find the source of it and report it urgently.
9. Give as much accurate information as possible so that the credit report agency can resolve the issue and update the concerning authorities to investigate the reported matter.
10. Always ask the advisor of the credit reporting agency when will the errors or the mistakes be resolved so that you could sign up again to the services to check the accurate and updated credit file.
The Credit Report and the credit score are all linked to each other, once one is effected it effects the rest of them as well. Keep on top of your credit file and if you see any abnormalities always report to the credit agencies and the authorities.