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Access Your Credit Report for Just £2

By: Kevin Dowling BA (IMC) - Updated: 17 Sep 2012 | comments*Discuss
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Have you ever been refused an application for credit, without understanding why? The lender’s decision to turn you down could have been prompted by a number of different factors, but all of these factors are influenced by your credit report.

Credit reports are used by lenders, mostly to determine whether someone applying for credit is a good or bad candidate to lend money to. But now, with access to credit reports made cheaper, everyone can view their credit report and benefit from the information contained within it.

Credit reference agencies usually hold credit reports on consumers for a period of at least six years, although some information retained on file, for example any details relating to bankruptcy proceedings, can be held for longer. An individual's credit rating does, however, tend to be linked more directly to their most recent credit history, with key information taken from data accumulated over the past year or 18 months.

Making Your Credit Report Work For You

Credit reports can be extremely useful. For example, they allow consumers to monitor they financial commitments, collating all the information about outstanding financial commitments and also monitoring any late payments that you may have made.

It is also always worth checking your credit report regularly, as the information contained within your report will ultimately affect a consumer’s ability to gain further credit in the future.

If the information contained within your credit report is inaccurate, for whatever reason, then you risk being refused credit throughout no fault of your own.

Furthermore, even if you have a perfect credit score and you are not interested in taking on additional credit, it is still worthwhile checking your credit report on a regular basis. If nothing else it is extremely useful in uncovering any fraudulent activity on your accounts.

Low Cost Credit Reports

The good news is that consumers interested in finding out what is contained within their credit report can now view their report online for only £2.

An agreement made by the three major credit reference agencies (Experian, Equifax and Callcredit) means that consumers are now able to view their account for a nominal charge.

The report offers consumers a basic level of information of the details on file, including outstanding debt amounts, late payments and recent credit searches made on your file.

Previously the report was only available by post and could take more than a week to be delivered.

Credit Scores Still Costly

Unfortunately what the report lacks is the credit score that lenders compile and use to judge whether an applicant is suitable for more credit or not. Credit agencies will charge consumers additional fees to access their credit score, as well as offering advice on how to improve it.

Consumers have the right after reviewing their credit report to get inaccurate information reviewed, although it is not possible to get information that is correct, but undesirable, changed.

The ability to access credit reports online for a low cost is a great benefit to consumers, and should hopefully encourage increasing numbers of people to check their credit status more regularly, which can only be a good thing for them personally, and in the fight against identity fraud.

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