Checking your credit file takes around ten minutes. Doing it regularly means you catch errors before they affect a loan or mortgage application. This note walks through what to look at and what to do if something looks wrong.
What borrowers need to know
- Your credit file is held by three main credit reference agencies in the UK: Experian, Equifax, and TransUnion. Each may hold slightly different information.
- You are entitled to view your statutory credit report from each agency for free. Several services also offer ongoing access to one or more reports at no cost.
- Checking your own file uses a soft search, which does not affect your credit score. Only applications for credit use a hard search.
Why it matters
Lenders use the information on your credit file when deciding whether to approve an application and on what terms. If your file contains an error, an old address, or an account you do not recognise, it can affect decisions without you knowing. Spotting these things early gives you time to correct them.
Who may be affected
If you are planning to apply for credit in the next few months, checking your file now leaves time to raise a dispute with the relevant agency before you apply.
If you have missed payments in the past, it is worth confirming which entries are still showing and when they are due to fall off your file. Most negative markers stay for six years from the date they were recorded.
If you have recently moved, changed your name, or closed an account, check that the information on your file reflects those changes accurately.
If you spot an entry you do not recognise, contact the relevant agency promptly. Unfamiliar accounts or addresses can sometimes indicate fraudulent activity.
What to check each month
- Personal details, name, current address, and date of birth. Errors here can cause mismatches when a lender runs a check.
- Linked addresses, old addresses can linger. If you have moved, confirm the previous address is marked historical and your current address is listed.
- Account statuses, check that open accounts show the correct balance and that closed accounts are marked as closed.
- Payment history, look for any missed or late payment markers you did not expect. If one appears in error, you can raise a dispute.
- Hard searches, a list of credit applications made in your name. If a hard search appears that you did not authorise, contact the agency.
- Electoral roll, being registered to vote at your current address helps lenders confirm your identity. If you are not registered, it is worth doing.
What to read next
For a fuller explanation of how credit files work, what the different entries mean, and how scoring varies between agencies, the guide below covers the detail:
Sources
- MoneyHelper, guidance on checking and understanding your credit report
- Experian, information on statutory credit reports and dispute processes
- Equifax, information on accessing your credit file and correcting errors