Credit Report Checks

Credit report checks allow individuals to see their credit report which can help give them a clearer idea of what finance that they can apply for.

What is a credit report?

A credit report is a document that details the personal credit history of an individual, such as credit cards, loans and mobile phone contracts. The data for these reports is sourced from a combination of public sources, such as the electoral role, and lenders you may have dealt with.

With your permission, lenders use your credit report in order to ascertain how well you manage your finances. For example, if your credit report shows that you have defaulted on payments and have balances on a number of credit cards, the lender may see you as a risky borrower. As a result lenders may impose higher rates of interest on your loan or refuse to lend you the money.

Why take out a credit report check

There are a number of different reasons why people may decide to take out a credit report check, however, most people take out a credit report check if they are applying for credit. By taking out a credit report check prior to making their application, individuals can check that their credit report is up to date and is accurate. This avoids any nasty surprises later on.

However, it is important to remember that it is not only lenders that look at your credit score. Indeed, prospective landlords and others may check your credit history in order to determine whether you are financially reliable. So, those who are looking to rent a house or a flat may take out a credit check beforehand to make sure that their financial data is up to date and there are no problems with the data.

If you are especially cautious or think you may be victim of identity theft, you may be encouraged to take out a credit report check. A credit report check gives you an overview of your financial transactions, making it easy for you to spot any instances where a financial product you have not purchased has been taken out in your name.

Top Credit Report Check Companies in the UK

  • Experian is the most popular credit report company in the UK and is widely used by lenders and individuals alike.
  • Equifax is another popular credit report company and offers a range of products for individuals, SME and large businesses.
  • CheckMyFile claims to offer one of the most comprehensive credit reports in the UK as they use multiple agencies to compile credit reports.

Comparison of top credit check companies

Provider Monthly Charge Free Trial Unlimited Access
Experian £14.99 30 days Yes
Equifax £14.95 30 Days Yes
CheckMyFile £7.99 or £19.99 one off 30 Days No