Credit Check - Credit Report - Credit Rating | moneyfacts.co.uk

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  - A small time spent checking your details through one of the companies below could be an excellent investment for improving your financial future, or for managing your finances at all life stages.
 

A small time spent checking your details through one of our partners below could be an excellent investment for improving your financial future.

Credit Rating Information
 

Information

Cost Free Trial  
Experian
  • Get your FREE Experian Credit Score
  • See your eligibility rating for a range of products
  • Discover credit deals from leading lenders*
  • No charges and no hidden costs
*Experian Ltd is a credit broker not a lender, working with selected lenders

Free

N/A Apply
ukcredit
  • Free Credit Report and Score.
  • Try UKCreditRatings Risk-Free for 7 days
  • Unlimited access to your Credit Report & Score, special offers from valued partners, and tips on gaining financial freedom.
From £14.95
per month
  7 days
Apply
Equifax
  • Single agency and multiagency credit report monitoring
  • Unlimited, easy online access to your latest credit report
  • Expert tips to help you understand your credit report
  £14.95
per month
30 days Apply
Check my file
  • Single agency and multiagency credit report monitoring
  • Credit scores included
  • Independent, unbiased, professional help by Freephone or secure message
£9.99
per month
30 days Apply
Give me credit
  • Instant access, unlimited viewing
  • Includes credit score at no extra charge
  • One page, easy-to-understand layout
£6.95
per month
30 days Apply
Annual Credit Reports
  • Fraud and Identity theft postcode check
  • Expert help via named
    credit analyst
  • Customisable alerts
£4.99
per month
30 days Apply

How does a credit rating work?

Your credit score will vary between banks and building societies. That's because they all use different methods of calculating it, based on their own analysis of your credit history. Your credit report will list your credit accounts such as store cards, credit cards, mortgage, loans, car finance, your repayment record and much more. It can make all the difference between getting the card, loan or mortgage you want and a string of puzzling rejections.

Credit ratings are determined by a combination of:

  • What you disclose in your application for credit
  • What is contained in your credit file
  • Any previous credit history you have with the lender you are applying with

If you're over 18 and have ever taken out a credit card, store card, catalogue account, utility bill account, mortgage or loan (apart from a student loan), then you have a credit report, which is held securely by a credit reference agency.

A credit reference agency is allowed to compile information about your credit applications and payments and send it on to any UK individual to prospective lenders. Experian (Credit Expert) is the UK's largest but there are others such as Equifax and CallCredit who power Checkmyfile amongst others.

The credit card, store card, loan or mortgage that you are applying for will only be available to you if your credit score meets or exceeds the minimum level set by the lender.

If your rating is lower than this you will either be offered borrowing at a higher interest rate, or declined it altogether. The more declines you get, the worse your credit score becomes, increasing the risk of tarnishing you with an adverse, poor or bad credit label.

What next?

Read our 9 steps to score on your credit rating guide

 
 
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