Credit Report and the CRAs

Credit Reports are the most important factor to consider for all your financial dealings, as it can be the only thing that stops you getting a loan or a mortgage.

A credit report is a summary of your ability to deal with money and debt all condensed into one file and summarised in a number. Much like a CV, a credit report tells a lender all they need to know about you and helps them decide whether they want to lend to you, and whether you are reliable when it comes to money.

A credit report will compile the details from all credit interactions you have had, from credit cards to bills, and tells the lender whether you have paid your bills on time and in full. It also contains personal information about you so as to help the lender identify you to make sure you are who you say you are.

You can access your credit report from one of three Credit Referencing Agencies (CRA) in the UK: Callcredit, Equifax, and Experian.

Each CRA has different ways of expressing a summary of your credit report. All three provide a credit score but with a different scale and some are free and others are not.

Credit Reporting sites will draw from these three CRA’s and will tell you which they use. Here at SearchMyCredit we use Callcredit as our CRA and we provide your score and report free of charge. However, it is important to get a rounded view of your credit status so you will be put in much better stead in the light of a credit application if you check all three CRA’s reports.

Callcredit provides free scoring and full reporting through us here at SearchMyCredit. You can also sign up for their own reporting site Noddle Improve for £30 a year.

Equifax provides a free scoring through Clearscore. They also run an independent site where they charge £9.95 a month for a credit report, and £14.95 a month for a credit score and a credit report.

Experian offers a Credit Matcher platform with a free score and report. However, the also offer an Expert service for £14.99 a month.