This section contains useful information to guide you through your credit report and help you protect yourself from identity fraud. Click on the links below for more information about your credit report and other queries.
To get the full picture on what your credit information means and how lenders use it, we recommend the ‘Understanding your credit information and how lenders use it’ guide. Produced by the UK’s leading credit reference agencies, including TransUnion, it’s a definitive document that can help you with your credit related questions.
A credit report contains all the information held on an indvidual at their address(es) by the Credit Reference Agency. Lenders use the information it contains to decide whether to give you credit.
If you’re over 18 and have ever taken out a loan, credit card or mobile phone contract, a credit reference agency like TransUnion likely holds a copy of your credit report. It’s important to monitor your financial activity, so checking your report regularly is a good idea.
Read on to find out:
Think of your credit report as a kind of financial passport that includes your financial history and credit activity.
Your credit report will provide the following information:
People with a good credit history are more likely to be given credit and offered higher credit limits and lower interest rates. A bad credit history may lead to your application being declined.
Rest assured, your credit report will never contain sensitive personal information, such as race, religion, sexuality, political beliefs or medical history.
Lenders refer to your credit report in a range of different situations. For example, they may refer to your credit report when you apply for:
That’s why it’s important to regularly check your credit report activity and ensure all the information on your report is accurate.
Lenders can also use your credit report to help decide what your credit limit should be, which they may review on a regular basis. For example, if there are signs that you are experiencing financial difficulties the lender may consider reducing your credit limit.
You can access your statutory credit report – online or by post to make sure there’s nothing stopping you from being accepted for credit. Even if you’re not applying for credit right now, checking your credit report regularly will help to identify fraudulent activity.