What can a credit check offer you as a consumer?

 

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 reference agency [1] , offers a free 30 day trial [2] . 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.


[1] UK's No.1 Source: Experian CreditExpert is the UK's market leader by share of unique users. Comscore, Sept 2013

[2] Experian CreditExpert offers a free 30 day trial then followed by a £14.99 monthly fee

Start your day with The Independent, sign up for daily news emails
PROMOTED VIDEO
Arts and Entertainment
tv

First full-length look is finally here

Life and Style
life
Voices
A mother and her child
voices
Arts and Entertainment
Film director Martin Scorsese
film
News
news

The party's potential nominations read like a high school race for student body president

Voices
The veterans Mark Hayward, Hugh Thompson and Sean Staines (back) with Grayson Perry (front left) and Evgeny Lebedev
charity appealMaverick artist Grayson Perry backs our campaign
ebooks
ebooksA special investigation by Andy McSmith
Arts and Entertainment
Cold case: Aaron McCusker and Christopher Eccleston in ‘Fortitude’
tvReview: Sky Atlantic's ambitious new series Fortitude has begun with a feature-length special
Voices
Three people wearing masks depicting Ed Miliband, David Cameron and Nick Clegg
voicesPolitics is in the gutter – but there is an alternative, says Nigel Farage
News
i100
News
people
Sport
Chelsea manager Jose Mourinho
footballI have never seen the point of lambasting the fourth official, writes Paul Scholes
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Ashdown Group: Product Manager - (Product Marketing, Financial Services)

£30000 - £35000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...

Recruitment Genius: Compliance Assistant

£13000 per annum: Recruitment Genius: This Pension Specialist was established ...

Ashdown Group: Market Research Executive

£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...

Recruitment Genius: Technical Report Writer

£25000 - £35000 per annum: Recruitment Genius: A Technical Report Writer is re...

Day In a Page

Isis hostage crisis: The prisoner swap has only one purpose for the militants - recognition its Islamic State exists and that foreign nations acknowledge its power

Isis hostage crisis

The prisoner swap has only one purpose for the militants - recognition its Islamic State exists and that foreign nations acknowledge its power, says Robert Fisk
Missing salvage expert who found $50m of sunken treasure before disappearing, tracked down at last

The runaway buccaneers and the ship full of gold

Salvage expert Tommy Thompson found sunken treasure worth millions. Then he vanished... until now
Homeless Veterans appeal: ‘If you’re hard on the world you are hard on yourself’

Homeless Veterans appeal: ‘If you’re hard on the world you are hard on yourself’

Maverick artist Grayson Perry backs our campaign
Assisted Dying Bill: I want to be able to decide about my own death - I want to have control of my life

Assisted Dying Bill: 'I want control of my life'

This week the Assisted Dying Bill is debated in the Lords. Virginia Ironside, who has already made plans for her own self-deliverance, argues that it's time we allowed people a humane, compassionate death
Move over, kale - cabbage is the new rising star

Cabbage is king again

Sophie Morris banishes thoughts of soggy school dinners and turns over a new leaf
11 best winter skin treats

Give your moisturiser a helping hand: 11 best winter skin treats

Get an extra boost of nourishment from one of these hard-working products
Paul Scholes column: The more Jose Mourinho attempts to influence match officials, the more they are likely to ignore him

Paul Scholes column

The more Jose Mourinho attempts to influence match officials, the more they are likely to ignore him
Frank Warren column: No cigar, but pots of money: here come the Cubans

Frank Warren's Ringside

No cigar, but pots of money: here come the Cubans
Isis hostage crisis: Militant group stands strong as its numerous enemies fail to find a common plan to defeat it

Isis stands strong as its numerous enemies fail to find a common plan to defeat it

The jihadis are being squeezed militarily and economically, but there is no sign of an implosion, says Patrick Cockburn
Virtual reality thrusts viewers into the frontline of global events - and puts film-goers at the heart of the action

Virtual reality: Seeing is believing

Virtual reality thrusts viewers into the frontline of global events - and puts film-goers at the heart of the action
Homeless Veterans appeal: MP says Coalition ‘not doing enough’

Homeless Veterans appeal

MP says Coalition ‘not doing enough’ to help
Larry David, Steve Coogan and other comedians share stories of depression in new documentary

Comedians share stories of depression

The director of the new documentary, Kevin Pollak, tells Jessica Barrett how he got them to talk
Has The Archers lost the plot with it's spicy storylines?

Has The Archers lost the plot?

A growing number of listeners are voicing their discontent over the rural soap's spicy storylines; so loudly that even the BBC's director-general seems worried, says Simon Kelner
English Heritage adds 14 post-war office buildings to its protected lists

14 office buildings added to protected lists

Christopher Beanland explores the underrated appeal of these palaces of pen-pushing
Human skull discovery in Israel proves humans lived side-by-side with Neanderthals

Human skull discovery in Israel proves humans lived side-by-side with Neanderthals

Scientists unearthed the cranial fragments from Manot Cave in West Galilee