The four main UK Credit Agencies
In the UK there are currently four main credit reference agencies. These are Equifax, Experian, Crediva and TransUnion (formerly known as Callcredit).
These main agencies work with financial institutions such as banks, credit card companies and loan companies who inform them of your current financial agreements and payment information. This data is then uploaded into their system (normally on a monthly basis) and creates your “credit profile” or “Credit Report”.
One current issue with these Credit agencies is that in some cases they will not show the same information about your circumstances. One agency may show details of a loan or default and the next agency may not show this information at all.
For this reason, it is essential to see all of the information that is held about you on each individual credit agency.
These financial companies will report information in relation to your current situation. For example, the list below shows some of the data that is passed to credit agencies on a regular basis;
- New credit agreements
- Current credit agreements
- If you are maintaining your payments and if you pay on time
- If you are making applications for credit
- Your address history
- Your electoral roll information
- If you are in debt management
- If you have defaulted on payments
- Insolvency information
- Financial associations
- Identity Fraud
Other Credit Information Companies
There is also a wealth of other companies that use one or all of these agencies to supply a credit check service to consumers in the UK. Some examples of these types of companies would be Check my File, Clearscore, Noddle and Credit Karma and these companies will normally use one or more of the above agencies for their credit information.
Many of these services can be completely free of charge with no catch whatsoever. Some companies will offer you this type of service in conjunction with another company; for example, if you hold the Aqua Credit Card this also provides a free access to the Noddle credit check service. Other companies can offer an initial free trial which must be cancelled within a certain period of time otherwise you will begin to pay a monthly charge.
Credit Reports and Personal Debt
If you currently have debt, it can be very useful to obtain your credit report from one of these sources. In cases where you have lost track of the debts and money that you owe, it is essential to get your credit report as this should list all your debts and the company (or companies) you owe the money to. In many cases, it may also show that there is a debt collection company involved and their details.
This information can be very helpful if you want to sort your debt issues out.
Free Credit Reports
In the UK under the current 2020 GDPR rules, all credit agencies must provide you with your credit report for free. This is normally if you request it in paper format however; there are also many offers for “free credit reports” that are available via an online service.
In our opinion, one of the best Credit Companies to use to obtain your credit information is Check my File.
The reason for this is that Check my File brings together all the relevant credit information that is available from the four main UK Credit Agencies. It then brings this into one credit report, so rather than getting four individual reports you can see all the current credit information held about you in one concise and clear document.
Please note that this report is free for 30 days and after this, you will be charged £14.99 per month.
Click on the link shown below to obtain your Check my File credit report.