Your credit report explained Checking your credit report
You should check your credit report at least once a year, online or by post
According to Which? Money experts, it’s a good idea to check your credit report each year. Remember, you’ll need to get copies of the files held on you by all three credit reference agencies – CallCredit, Equifax and Experian – as it’s unlikely they will all store identical information.
It’s also important to look at the information held on you before applying for an important financial product, such as a mortgage, so you are aware of any issues that might affect this.
Getting hold of your credit report
You can request a copy of your credit file from any of the agencies online or by post. Under the Consumer Credit Act, you have a right to obtain your full statutory credit report at a cost of £2 per credit reference agency.
If you apply for a copy of your credit report online, you will need to have certain information handy to help speed up the process. This includes details of all of the addresses you've lived at for the past six years and details of anyone you have a ‘financial association’ with (for instance, your partner – but only if you have a joint financial product such as a current account or mortgage). New rules mean you should be able to access your credit report online shortly after applying to view it.
If you wish to apply for your credit report by post, the process is very similar. You need to write to the credit reference agencies giving your name (including any past names i.e. if yours has changed due to marriage), date of birth and details of all the addresses you've lived at over the last 6 years, and enclose a cheque for £2. Visit our Credit report resources page for the address details you’ll need.
Get free access to your credit report
As well as the £2 statutory report, CallCredit, Equifax and Experian all offer free online credit reports – but only as temporary introductions to their paid-for services.
Signing up for these free trials will save you money by allowing you to access your credit files at no charge, provided you remember to cancel your ‘membership’ with the credit reference agencies before the free trial period (usually 30 days) is up.
If you forget, you will start being charged a regular fee for maintaining access to your credit files, which could cost upwards of £6.99 per month, per agency.
Correcting credit report mistakes
If you spot a mistake on any of your credit files, it’s important to get this rectified – otherwise it could harm your ability to get credit later.
Mistakes can range from basic errors relating to your address details to incorrect information supplied by your bank, which could put another company off lending to you.
If you do spot a mistake, you should write to the credit reference agency and ask for it to be corrected immediately. Make sure you include an explanation about why it's wrong, and include any evidence you have.
The agency has 28 days to act, and the relevant detail in your credit report will be marked as ‘disputed’ in the meantime. This is so any lender searching your file will know not to rely on that piece of information.
If the credit reference agency doesn't amend your records, you have a legal right to send it a notice of correction (up to 200 words), which will be added to your file. If you need to add a notice of correction to your credit report, use it to explain why you think a particular piece of information is wrong and make sure you mention any mitigating circumstances – for example, a sudden bereavement that may have caused you to miss a credit card or loan repayment.