Credit check

The lending company will use the data provided by the credit reference agency to decide whether or not to grant you credit. If they do grant you credit they may also then provide information about how you conduct your account with them to the credit reference agency.

Over a period of time your credit file will grow and contain information such as whether you have made all of your payments, have they been made on time etc. plus details of who you have applied to for credit and when.

The information contained within your credit file includes:

• Previous addresses
• Details of credit searches made by lenders
• Existing borrowing
• Whether you have made payments and if they were made on time

Although a credit report plays a part in whether you will obtain credit or not it is not necessarily a deciding factor - one company might lend and another might decline based on the same credit report. Each lender has their own lending criteria and makes its decision accordingly.

If you have been declined for credit it may be that there is something adverse on your credit report. Sometimes mistakes are made and errors can be corrected if you contact the company concerned.

Additionally a credit check can tell you whether you have been the victim of identity fraud. If you see activity within your credit report that has not been undertaken by yourself, it may be that someone else is using your identity to borrow money in your name.

Obtain your free credit check

Experian are one of the largest credit reference agencies in the UK and they offer you the chance to see your credit report online for free.

View your Experian credit report online for FREE