Why checking your credit report is important

Each of the major credit agencies in the UK can provide a copy of your credit file. Companies like Equifax and Experian make credit reports available online for a small fee, so checking your credit report is easier than ever before. It's important to do so because inaccuracies can creep into the report.

Experts suggest that you check your credit report at least once a year in order to confirm that it’s accurate. As the information contained on the report is provided by lenders, sometimes mistakes happen. Some mistakes are innocuous and won’t affect your credit rating but mistakes like a credit card reported as ‘closed by creditor’ rather than ‘closed by customer’ gives a false impression and will lower your rating.

Aside from inaccuracies, you report could be altered as a result of identity theft. Even if you have been made aware of the theft and taken steps to correct it, mistakes could still linger on the report, if the damage wasn’t correctly amended.

If after checking your credit report you find a mistake it is your responsibility to get the entry amended. You can do this in either of two ways. The first way is to speak to the lender and ask them to make the change. This is the best approach if you are still borrowing from them or if you recently satisfied the debt. If the entry relates to borrowing from a while ago or if the lender doesn’t deal with the problem satisfactorily, you should contact the credit agency that list the mistake and ask them to make the changes.

Final Word

Some companies provide a copy of your credit file for a small fee. Others charge a subscription fee. No matter which company you choose, you won't know if your credit history is still linked to an ex spouse's poor credit record or if your report contains inaccuracies caused by identity theft, unless you spend some time checking your credit report.

United Kingdom - Excite Network Copyright ©1995 - 2020