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Check your credit file to get better money deals

A £6 credit check could save hundreds, says Which?

Three credit cards on a white background

It’s worth paying off debts before you invest

Spending just £6 to check your credit files could get you a better deal on mortgages, loans and credit cards, says a new report from Which?

Our survey found 16% of Which? members who had checked their credit files found mistakes on them – ranging from incorrect personal information to evidence of .

Lenders use credit files to help them decide whether to offer credit, and at what rate, so an inaccurate file can result in being turned down or charged a higher rate of interest.

For more advice on getting better money deals, read our guide to your loan options.

Credit file checks

By spending just £6 people can check and correct any errors on their credit files, and could potentially save themselves hundreds of pounds.

Two thirds of those surveyed by Which? had never checked their credit files, and those who had checked their file had usually done so with just one agency.

Which? advises people to check their credit files annually with all three UK agencies – Experian, Equifax, and Callcredit – as they hold different information. You can find out how in our Which? guide to checking your credit file.

Better interest rates

Martyn Saville, Senior Researcher, Which? magazine, says: ‘Lenders have become more wary about who they offer credit, but checking that your credit files are up to date and accurate before you apply for a mortgage or a loan could improve your chances and ensure that you don’t end up out of pocket because of an error.

‘You can’t afford not to check your credit files – it’s £6 well spent when you consider how costly and inconvenient a mistake on your files could be.’

Discover top money deals and products using our Which? money reviews, including , mortgages and savings accounts.

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