What can a credit check offer you as a consumer?
Monday 24 March 2014
If you ever have the need to borrow money, take out a mortgage, credit or store card, it is important to understand where you stand with regards to how likely you are to get credit. As well as knowing your credit score, it can also be helpful to look at your full credit report, especially if you currently have outstanding debts.
Running a credit check is easy and the results can give you a
great insight into your financial position through the eyes of
potential lenders. Experian CreditExpert the UKs number 1 credit
, offers a free 30 day trial
. During the trial, you will have full access to your credit
score and in-depth credit report.
So what exactly will your credit check show you?
1. Personal details
Current name and any previous names, proving that your are looking at the correct report.
2. Your current and previous addresses
If you have taken credit out whilst living at previous addresses, they will show on your credit report. This section is also useful to see if any addresses where you haven’t resided are linked to your name, this could be a sign of identity theft and it should be reported as soon as possible.
3. Details of your employer
This does not have any bearing on your credit rating. Lenders may have used these details in the past to help identify you and to prove that you were receiving an income when you applied for credit with them.
4. Open and closed accounts
Open accounts, including bank accounts, and accounts that were closed less than 7 years’ ago, will show on your credit report. Negative activity on any closed accounts will be shown and will have an impact on your credit rating.
5. Details of current debts
The report will list your loans, mortgages, credit and store card accounts; details of credit limits and the amounts currently owed. There will also be a list of payments made on each account and details of whether payment is up to date or pending. You will also be able to see when, if ever, late payments have been made. Your conduct when it comes to making payments against money owed will affect your credit score and your likelihood of obtaining future credit.
6. A list of recent applications for credit
Every time you apply for a loan, credit card, mortgage, overdraft etc… the lender will want to see your credit report. This will be used as a basis for accepting or rejecting your application. The more searches you have listed on your account over a short period of time, the lower your credit score. It will be assumed that you are applying for credit from multiple lenders due to being in financial difficulty.
Running a credit check on yourself can give you a great insight into your overall financial position through the eyes of current and potential lenders. It is always advised to be aware of your credit score and the details on your full credit report so that your can work on improving your overall position, or so that you are aware should someone try to compromise your credit score through listing false details against your name.
 UK's No.1 Source: Experian CreditExpert is the UK's market leader by share of unique users. Comscore, Sept 2013
 Experian CreditExpert offers a free 30 day trial then followed by a £14.99 monthly fee
- 1 Snoop Dogg and Jared Leto buy a stake in Reddit as A-list invests $50m
- 2 HeForShe campaign: Iceland to follow up Emma Watson speech with UN women's rights conference – for men only
- 3 Car tax disc changes: Two days to go - and they affect you much more than just not displaying a piece of paper
- 4 Ed Sheeran dedicates song to David Cameron
- 5 Now we know whose fault it is if you end up being murdered in Thailand
Snoop Dogg and Jared Leto buy a stake in Reddit as A-list invests $50m
Five-year-old Iris Grace is raising awareness of autism through her extraordinary paintings
Car tax disc changes: Five facts you never knew about your (almost obsolete) tax disc
The Aral Sea: Nasa pictures show how what was once the fourth largest lake in the world has become almost completely dry
Thailand beach murders: Hannah Witheridge 'was raped by two men before being killed'
Isis, we are told, is a 'clear and dangerous threat to our way of life'. I’m sorry, but I just don’t buy it
Exclusive: 'Putin's Russia has been my biggest regret,' says Nato's outgoing Secretary General
The Osborne Ultimatum: Chancellor’s benefits freeze bombshell will affect ten million households
There’s no excuse for Dave Lee Travis’s behaviour, but we need to keep a sense of proportion
Mark Reckless becomes second Tory MP to defect to Ukip in a month
Should gay sex be illegal? 16% of Britons think so
- < Previous
- Next >
iJobs Money & Business
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...
NEGOTIABLE: Austen Lloyd: TRUST ACCOUNTANT - KENTIf you are a Chartered Accou...
£18000 - £20000 per annum + OTE £30000: SThree: SThree are a global FTSE 250 b...
Highly Competitive Salary: Austen Lloyd: CITY - Law Costs Draftsperson - NICHE...