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How does my credit report affect
me?
The contents of your personal credit report can have a bearing on whether
or not you are given credit. Factors other than the information held on
a credit report may contribute to a lending decision as well (such as the
information you provide on your application form), but your credit report
is important.
Your credit report can affect your ability to:
Get a loan
Get a credit card
Obtain a mortgage
Credit scoring
It's important to be aware that different companies use different methods
when they are deciding whether or not to give you credit.
You do not have a single credit score and credit scores are not shown on
your credit report
Get it right!
As the information held by credit reference agencies is used to determine
what credit you can obtain, it is important those details are right.
To view your personal credit information that lenders are currently basing
their credit decisions on, apply online for a credit report from Experian,
the UK's largest credit reference agency, now.
You will also receive a 30-day free trial to the CreditExpert Monitoring
Service from Experian.
you'll get:
unlimited online access to your credit report
knowledge of your credit before appyling for anything
e-mail and text alerts for early fraud detection
freephone advice from credit reference specialists
credit tips and tools to help you manage your money
opportunity to buy your credit score instantly*
Get your free Experian credit report and 30 day free trial of the CreditExpert Monitoring Service.
General Information Regarding Credit Reports
Ever wondered why you’ve been turned down for a new purchase or a
loan? Credit ratings seem to be a mystery to most people, as many don’t
know their rights, how lenders make their decisions, how credit scores are
calculated and how they can be challenged and improved.
The contents of your personal credit report can have a bearing on whether
or not you are given credit. Factors other than the information held on
a credit report may contribute to a lending decision as well (such as the
information you provide on your application form), but your credit report
is important.
You have the right to view the information contained in your credit report
to make sure it is accurate. If errors are found, you are entitled to apply
to have them corrected. Having the ability to view and challenge your credit
report is important, as; in addition to providing the basis for a lending
decision, your credit rating may also affect the interest rate you are offered
by lenders, which could lead to more costly borrowing.
Credit reports are compiled by credit reference agencies using information
from two main sources:
1) The Public Record: e.g. electoral roll information, court judgments,
individual voluntary arrangements and bankruptcies.
2) Information provided by lenders and financial institutions: e.g. credit
accounts, credit applications and financial associations.
When you apply for a loan, the lender will typically contact a credit reference
agency to check the information on your credit report, in order to help
them calculate your potential creditworthiness and risk. These calculations
are done by the lender and may vary between lenders. It is important to
note that the credit reference agency does not offer any comment or advice
and does not know how the information a lender has seen will affect the
lending decision.
To view your personal credit information that lenders are currently basing
their credit decisions on, apply now for a free online credit report from
Experian, the UK’s largest credit reference agency. You will also
receive a 30-day free trial to the CreditExpert Monitoring Service from
Experian.
Click here for a free 30-day trial and a free
copy of your credit report |
Identity Theft
A con artist rented a woman's luxury home and then stole her identity using her landlord's birth and marriage certificates in an elaborate scam to sell the property and keep the cash.
Angela Hargreaves obtained tenancy of Catherine Litherland's home by going under a false name (Jane Wright) and disguising herself when she went to the letting agency who carried out credit checks on her.
Once she'd moved in, Hargreaves then assumed Litherland's identity by using her birth and marriage certificates. She tried to sell the property whilst the owner was living in New York but was stopped when arrested for another offence and was found to be holding a driving licence application in Miss Litherland's name.
Hargreaves admitted theft and deception charges at a court hearing yesterday and was given 200 hours community service.
Identity fraud is the UK's fastest growing crime, with more than 120, 000 impersonations detected in 2004, costing the UK around £1.34 billion a year. It takes an average of 16 months for victims of identity fraud to realise they've fallen prey to this crime and can take up to two years for victims to repair the damage to their credit report.
One service designed to protect your identity and prevent the distress and financial chaos caused by thieves is CreditExpert – an online credit monitoring service from Experian. It not only lets you see your credit report whenever you want and provides valuable advice but also sends weekly alerts by e-mail or text message if there is any significant change to your credit report.
It means that, if you are unlucky enough to become a victim of this crime, you will know about it almost as soon as the fraudster strikes – and can stop the damage immediately.
Click here for a free 30-day trial and a free
copy of your credit report
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