When a mortgage lender, credit company, or bank want to check the credit rating of a potential borrower, they check that personbs credit history. In the UK, there are a number of credit agencies; probably the best known is Experian or Equifax, which keeps a record of your creditworthiness.
Checks
Lenders will check your history to see how much of a risk a person might be, before they lend them any money. If you have never borrowed money, maintained a credit card or had a bphone on a monthly account, you could have trouble getting credit when there is no significant history.
Credit Reports
There are three major companies in the UK that keep track of an individualbs credit history; these are Experian, mentioned above, Equifax, and Callcredit. Your credit report will contain official documentation such as County Court Judgements, and any bankruptcy proceedings for six years afterwards.
Other Information
Your report will also contain details of any past and current credit arrangements, as well as any joint credit agreements. It will list your date of birth, current, and other addresses, as well as details of your current account.
Checking Your Credit Report
Nowadays it is possible to check your credit report online; most companies charge B#2 for the service, some allow 30 days free trial, and some charge a monthly fee. It is always a good idea to check your credit report, if only to ensure that the information contained within is current and correct. If you feel that some of your credit history is incorrect, you can contact the company and have an item removed or updated.
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