All 3 Credit Reports

Four most common misconceptions in credit reporting

Today, four common misconceptions about creditworthiness have been uncovered as well as research showing that more than half of UK homes have never reviewed their reports. While there are three major credit bureaus, not all creditors are sharing information with all three of them, so individuals can easily have different reports with different credit bureaus.

Every creditor will make his own judgement as to whether he offers credit or not, there is no black list. More than half (54 percent) of the population mistakenly believe that all credit bureaus have the same information about them.

While there are three major credit bureaus, not all creditors are sharing information with all three of them, so individuals can easily have different reports with different credit bureaus. As an alternative, the Checkmyfile website offers a two-in-one solution with a one-month free evaluation period to review reports from Equifax and Callcredit. More than a third (36 per cent) of respondents think that too often their credit reports will affect their creditworthiness, but this will not affect prospective credit-application.

Indeed, regular credit checks are a good way to detect scams at an early stage. Comments Alex Neill, head of politics and campaigns: "Every single case you request a credit line, a credit line or a mortgages, your credit history is used to help creditors determine whether to approve your request.

It is therefore advisable to review your credit reports on a regular basis, especially before applying for a new loan or verifying that you are not a target of scams.

What are credit reports for individual clients like?

Generally, credit wounds generally belong to the following categories: Awarded (961-999) - You are likely to get the very best offers and interest Rates on all the credits, credit card and mortgage etc you are applying for. Well ( 881-960 ) - You should have no problems obtaining credit from most creditors, but you may not be getting the best offers.

Worse (561-720) - You could be acceptable for a loan, but your option is likely to be more finite and with higher interest rate. Worse (0-560) - You will probably find it very hard to even get a loan unless it comes from very specialized creditors. However, under the Data Protection Act you can order your "Statutory Credit Report" for a £2 flat rate.

It' s also wise to remember that each of the different credit bureaus holds a slightly different credit rating for you, so it is important that you look at all 3. Failure will occur if you either miss a number of refunds or do not make the correct payment, if you do this between 3 and 6 month, then the believer will terminate the arrangement you had with them and can take action to recover the guilt.

Then the standard is highlighted on your credit reference and remains there for 6 years from the date of failure, even if you succeed in paying the entire amount at a later date. If possible creditors look at your credit reports and see a standard, it means they might classify you as "high risk" and either decline your credit or merely tender it to you on more strict conditions with a higher interest will.