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Credit report boost for consumers

Credit report boost for consumers

Category: Debt

Updated: 09/10/2015
First Published: 12/07/2010

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
Consumers will now have easier access to their credit reports after an agreement was struck between the Government and the credit reference industry to raise awareness of the importance of checking credit records.

Containing information such as what credit commitments consumers have outstanding and any late payments they have made, credit reports may affect a consumer's ability to access further credit or get the best deals in the future.

As a result of the new agreement, consumers can now access their statutory credit report online for a nominal fee of only £2 from all three major UK credit reference agencies: Experian , Equifax, and Callcredit.

In addition, continued free access to credit reports for victims of ID fraud and the financially vulnerable has also been introduced.

Previously, statutory credit reports for £2 were only available by post, which could take seven days to arrive.

"These are highly beneficial changes," said Consumer Minister Edward Davey.

"All consumers now have easier access to their £2 statutory credit reports, with victims of ID fraud and the financially vulnerable receiving free access to their reports. These significant improvements will help consumers take better control of their finances."

Peter Vicary-Smith, Which? Chief Executive, said the move should provide quicker and more convenient access for consumers to their credit file, and could encourage more people to check their file more regularly.

"This is a welcome initiative in the battle against fraud and the elimination of faulty data," he added.

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