Helpful tips about Credit Reports and understanding its contents ...

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Getting a copy of your file

Its worth obtaining a copy of your credit file as a way of keeping tabs on your financial health! You can do this by applying through Experian, they are offering a 'free' 30 day trial for all our clients and visitors!

What it all means

The entries relate to what ever commitments you may have and are broken down by lender including the amount of original borrowing, the current balance outstanding and the monthly repayment history which appears as a long line of numbers underneath. Each entry represents a calendar month and the value of the number refers to the payment history.

For example 0 means the payment was on time according to the original agreement between the applicant and the lender, anything above zero means the payment was late, for example 1 could mean up to a month overdue. The credit profile also covers arrangements and should the event arise, any legal proceedings like defaults, county court judgements or bankruptcy charges. Individuals with good credit would see lots of 0's where as someone with less than perfect credit would find a mixture.

Surprised by what you see

Sometimes the reports get it wrong, this could be through an input mistake or incorrect information held on file. If you see something in your report that bares no relation to your credit history, remembering that the information is valid for the present as well as the past 6 years you should contact the lender to resolve the matter as quickly as possible. Should the event arise the lender will normally contact the agency who will make the adjustments. Get everything in writing and follow it up personally, after all its your credit rating that could be at stake.

Applying for a remortgage with adverse credit: more information