A credit report, also known as a credit file, is a record of your credit history and financial behavior compiled by credit reference agencies in the UK. It provides a snapshot of your borrowing and repayment activities, including information on credit accounts, loans, mortgages, credit cards, and payment history.

Checking your credit report is important for several reasons:

  1. Accuracy: It allows you to ensure that the information in your credit report is correct. Mistakes or inaccuracies in your report can negatively impact your creditworthiness and may result in difficulties obtaining credit in the future. By reviewing your report regularly, you can identify any errors and take steps to rectify them.

  2. Creditworthiness assessment: Lenders and financial institutions use your credit report to assess your creditworthiness when you apply for credit or loans. By checking your report beforehand, you can see how your financial activities and repayment history are being perceived by lenders. This can help you understand how likely you are to be approved for credit and at what interest rate.

  3. Identity theft and fraud detection: Monitoring your credit report can help you identify signs of identity theft or fraud. If you notice unfamiliar accounts, credit applications, or suspicious activity on your report, it could be an indication that someone has fraudulently used your personal information. Detecting such issues early allows you to take immediate action to protect yourself and minimise potential damage.

  4. Credit improvement: Regularly checking your credit report enables you to identify areas where you can improve your creditworthiness. For example, if your report shows missed or late payments, you can take steps to make timely payments and improve your credit score over time.

In the UK, there are three main credit reference agencies: Experian, Equifax, and TransUnion (formerly Callcredit). You have the right to access your credit report for free from each of these agencies at least once a year, thanks to the General Data Protection Regulation (GDPR) and the Data Protection Act 2018. Monitoring your credit report regularly can help you maintain a healthy credit profile and increase your chances of obtaining favourable credit terms in the future.

To get a copy of your credit report, we have teamed up with CheckMyFile which shows the information on all three of the above credit reference agencies. You can sign up and download a copy of your full credit report by clicking the button below.

Documents required for a mortgage