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Credit Report Uk - Know how to read your UK credit report.

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Your credit report is a vital statistic in today’s modern world. Your credit rating affects every aspect of your financial life, including credit card rates, home financing, and even employment opportunities. There is a huge amount of information on your UK credit report, including: statement of rights, profile, information sources, corrections, electoral roll, financial associations, public records, account information, fraud information, and records of addresses.

Your statement of rights includes more than your legal right to the information in your credit report. This section also details proper procedures for locating errors, inaccuracies, and misstatements in your report as well as the right ways to correct or remove them. You are your own best advocate when it comes to correcting your UK credit report, and filing the proper paperwork with the right agency can lead to swift action and a more accurate representation of your credit health.

Credit reference agencies identify you through a number of different markers on your personal profile. In addition to your current name and address, this section will list your date of birth, current aliases, and the types of financial connections you have established. Accuracy is important, and special attention should be paid to the current list of financial associations, as it details your outstanding debts and lines of credit.

This financial information comes from a number of sources, primarily from legal records provided by the court system. Information is also gathered from financial institutions and individuals with whom you have dealt in the past. These sources will be listed in the report, along with contact information.

Every time you enter a correction in your own UK credit report, that action is logged, and the information detailed in a distinct section. Extensively corrected documents reflect on the reliability of the service provider as well as the report. All information in your credit report is subject to verification, including that compiled by the service provider as well as your own corrections.

Your listing of current and previous addresses is known as an electoral roll. Evaluators use this information in verifying previous history and locations; it also provides a convenient snapshot of your personal and financial stability and assets.

Your financial associations include everyone with whom you have had legally binding financial dealings. It includes jointly held banking accounts, joint credit applications, court judgments both in your favor and against you, and any other information you may have disclosed as relevant to your credit application. This is a quick and dirty evaluation of your current financial obligations.

Public records provide most of the information in your UK credit report. The ones of greatest concern are the court judgments against you, bankruptcy filings, and individual financial settlements. Closely linked to this is your current account information, a disclosure of your outstanding credit accounts (with balance), and their status as “late”, “defaulted”, or “current”. These accounts will have the lender’s information so that action may be taken to settle an outstanding line of credit. This information has a significant impact on your credit rating, and can remain in your report for up to six years.

In this age of identity theft, it can be frustrating to realize that fraudulent activity carried out in your name has a lasting impact on your UK credit report. Your report will detail each of these instances, and describe the circumstances and final resolution. This section provides another opportunity for you to take action against inaccurate information, and curtail the effectiveness of identity theft. Changing addresses without notifying debtors may be considered fraudulent activity; creditors can use your credit report to locate you in an effort to collect on monies owed.

Correctly interpreting your credit report in the UK can be a daunting task. There is no single source to access your credit report, but there are only three credit agencies that compile them. They are: Experian (http://www.experian.co.uk/), Equifax (http://www.equifax.co.uk/), and Trans Union (http://www.transunion.com/). Many third party agencies also exist to help manage your UK credit report through one or more of these three providers; sometimes this service is free, sometimes paid, and sometimes part of another offer. However it is accessed, knowing the contents of your UK credit report is important.

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