Who Checks My Credit Report and What Affect Does It Have?

March 12, 2018

As the name suggests your credit report is the resource that lenders and other agencies will turn to when they want to check your worthiness for being offered credit, or other financial services. Your credit report records your financial history and indicates whether you are a responsible borrower and how well you manage your money.

What can affect your credit score?

Your credit report will include anything like missed or late payments, CCJ’s, defaults and how many times that you have applied for credit and whether you were successful or not. Applying for lots of different loans in a short space of time (regardless of if you were granted them or not) can adversely affect your credit rating.

Your credit report will typically show your financial history for the last 6 years along with personal details such as your address and date of birth. It will also show the details of anyone that you have a financial link with, such as a joint bank account or mortgage etc. Your credit report will also include the details of any accounts or loans that you took out more than 6 years ago, if they are still active.

Who might check your credit report?

There are a number of agencies and individuals who might check your credit score, for a number of reasons. These could include:

  • You – Regularly checking your credit report will not only allow you a greater understanding of your financial position, but you can also check for any errors that your report may contain which could be adversely affecting your credit score.
  • Lenders – Whenever you apply for credit it is very likely that your lender will check your credit report. They will the use the information in these (remember that there are 3 credit reference agencies in the UK; Experian, Equifax and Callcredit, that all include slightly different information and produce differing scores) to inform what levels of credit they offer you; either the amount/term that you have requested, a lesser amount or a higher rate of interest.
  • Employers – Although this is not always the case, some employers will check your credit report when you apply for a job – especially if you are working in the financial services industry or the job involves handling money.
  • Landlords – When you are applying for a new tenancy, many landlords or letting agents will check your credit report to see whether you are in a financial position to pay your rent and how likely you are to be a reliable tenant.
  • Direct Debits – If you are applying to pay a bill, such as a mobile phone contract, utility bill or insurance policy etc., then the company may check your credit report to see if you are likely to maintain your payments. If your credit score is low then you may be refused the contract entirely or asked to pay for its full term up front.

Understanding how your credit report is compiled and how this can affect you, can help you to take control of your finances. However if you feel that your debt is spiralling out of control, then contact the friendly advisors at Northern Ireland Debt Solutions today. We will take the time to understand your situation and talk you through all of your options to get you back on the road to recovery.

Lawrence O'Hara

Insolvency Adviser

Tel: 028 2132 6269

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