Checking your credit file is free. It takes a few minutes. And doing it before you apply for credit, whether a personal loan, a mortgage, or a credit card, can save you from a declined application sitting on your record.
This piece covers what your credit file contains, how to check it, and what to do if something looks wrong.
What does your credit file contain?
Your credit file is a record of how you have managed credit in recent years. The three main UK credit reference agencies, Experian, Equifax, and TransUnion, each hold a version of it.
A typical credit file includes:
- Your name, current address, and previous addresses
- Open and closed credit accounts (loans, credit cards, overdrafts)
- Your repayment history on those accounts, including missed or late payments
- Any county court judgements (CCJs), defaults, or insolvency orders
- Applications for credit that triggered a hard search
- Whether you are on the electoral roll
Lenders use this information, along with their own internal data, to decide whether to approve an application and at what rate.
Why does checking your file matter?
Errors on credit files are not unusual. An account you closed years ago may still show as open. A payment you made on time may be recorded as late. A linked address may not be yours.
Any of these can affect a lender's decision, or push up the rate you are offered.
Checking your file gives you the chance to spot and correct mistakes before they do any damage.
How can you check your file for free?
Each credit reference agency offers a free statutory report. You can also sign up to free ongoing monitoring services:
- Experian offers a free CreditExpert trial and a free basic account with your Experian Credit Score
- Equifax offers a free trial of its full report service
- TransUnion provides a free report via services such as Credit Karma
MoneyHelper, the government-backed money guidance service, recommends checking all three, because lenders may use any of them and the data held by each agency can differ.
Checking your own file uses a soft search, which does not affect your credit score.
What to look for when you check
Work through each section carefully. Specifically:
- Personal details, confirm your name and all listed addresses are correct. An unfamiliar address can sometimes be a sign of identity fraud.
- Account statuses, check that accounts you have closed are marked as closed.
- Payment history, look for any missed or late payments you do not recognise.
- Hard searches, a search you did not authorise may indicate someone has tried to apply for credit in your name.
- Electoral roll, being registered to vote at your current address helps lenders confirm your identity. If you are not registered, it is worth doing.
- Financial associations, if you are listed as financially linked to another person (a joint account holder, for example), their credit history may affect yours.
What to do if you find an error
If something on your file looks wrong, contact the lender or organisation that supplied the information first. Ask them to investigate and correct it.
If that does not resolve things, you can raise a dispute directly with the credit reference agency. They are required to add a notice of correction while the dispute is under way, and to investigate within 28 days.
If the matter is still not resolved, you can complain to the Financial Ombudsman Service.
Correcting an error does not happen overnight. If you are planning to apply for credit soon, it is worth checking your file several weeks in advance.
Who may find this worth doing?
Checking your credit file is relevant to most borrowers, but it is especially worth doing if:
- You are planning a mortgage application or remortgage in the coming months
- You have recently been declined for credit and are not sure why
- You have missed payments in the past and want to understand how they are reflected
- You have not checked your file in over a year
- You have recently separated from a partner and want to remove a financial association
What to read next
For a fuller explanation of how credit scores are calculated and what affects them, the credit reports and scores guide covers the detail.
If you have been refused credit and want to understand your options, the bad credit loans guide may also be useful.
Sources
- MoneyHelper: credit scores and credit reports guidance
- Experian: understanding your credit report
- Equifax: how to check your credit report