There’s a whole lot of info lenders can see when they look at your credit report. Unsurprisingly, most of it is based around your financial behaviour - as essentially that is what a lender is looking for - ie can you pay back what you borrow.
Typically the following is the type of info that is included in your report;
- Your full name and date of birth
- Electoral roll information (i.e. If you’ve registered to vote at your current address)
- Any current overdrafts you may have
- Public information records held against your name, like - CCJs (county court judgements), or even bankruptcies going back 6 years.
- Info about your financial behaviour - e,g if you’ve made any missed payments or late payments and how many times this has happened.
- Details of any hard credit searches carried out on you by lenders, because you applied for a credit, including dates of the checks
- Financial associations and links to other people - e.g if you’ve a joint bank account with someone
- Fraud notifications - if you’ve been a victim through a Cifas notification
- Current credit accounts are also listed. These include ones you’ve closed and settled in the last 6 years. Credit limit or loan amount and outstanding balance are also included.
The types of companies that may look at your credit report include;
- Mortgage providers - this one you probably already know! This will probably be the largest loan you’re ever likely to take out. They need to check you’ll be able to make the regular payments!
- Insurance companies - will check your report to decide if they want to insure you. And if they do, how much should they charge you and how should you pay. A history of late or missed payments may mean paying upfront or higher premiums
- Debt collection agencies - If you can’t repay a debt, it’s normally passed onto a debt collection agency. The debt collectors can search your credit report to get an idea of your financial situation and then make appropriate decisions on how to collect the money from you.
- Government agencies - on a handful of occasions government agencies can access your credit report, for example in the prevention of crime, collection of taxes, or as part of a legal case. This access may not always show up on your report.
- Utility and mobile phone companies - Gas, water and electricity providers usually charge in arrears – that means you'll pay on a monthly or quarterly basis for what you've used, not a service they'll provide in the future. So when you register with a utilities company, you'll be using a form of credit with them. If you've got a history of late or unreliable payments they may ask you to go on a pre-pay account. Mobile phone companies work in a similar way - so they may also check your score too.
Types of things not included in your report:
You might be surprised to learn that the following things are not recorded on your credit report;
- Your salary
- Parking fines
- Medical history
- Council tax arrears
- Student loans
- Criminal record
For more info on what does affect your credit score and further articles you may find interesting head to our resources section.