Anyone that is interested in checking and monitoring their credit report and score can go through one of the credit reference agencies in the UK, one of which is Equifax. There are many reasons why people decide to check their credit reports. Some people are hoping to improve their bad credit rating and want to monitor how they are getting on. Some want to avoid a bad credit history and score so they want to keep their credit in check. Others may be running their own Equifax credit check because they are considering applying for finance and want to take a look at what lenders will see when they carry out a credit check.
Lenders will often check an applicant’s credit file with both Equifax and Experian. This is because Experian is the largest credit reference agency and Equifax is the second largest however you need to check both as they can contain different information and have different credit scores.
Credit reports have always been very important when it comes to your financial future – over the past few years with all of the turbulence in the financial markets they have become even more important because of the increased stringency being practices by lenders. It is therefore strongly advisable to check your credit on a regular basis to make sure everything is in order. If you have already applied for finance and been turned down you should avoid applying again right away. Instead, order a copy of your credit file and check through it carefully so that you can work out why you may have been turned down.
how to access your equifax credit report
It is very easy to get a hold of a copy of your credit report from Equifax, and there are two options available to those that want to access their credit file. Either way you will be able to look at the information that is held about you on your credit file, and you will be able to go through the data to see whether there are any problems such as inaccurate information, out of date information, mistakes, or suspicious transactions that could suggest attempted identity fraud.
The first method of obtaining your Equifax credit report is to order a statutory credit report, which you can access instantly online or request for the report to be posted out to you. This report will hold a range of data relating to your finances, repayment habits, and debts, which is why lenders use them in order to come to a decision about your finance application.
Another option is to go for the thirty day free trial, where you get access to your credit file online for free for a thirty day period. If you wish to cancel within the thirty day period you are free to do so without being charged. Alternatively, you can opt to continue with the access, which will involve a nominal fee each month. This will allow you to enjoy ongoing access to your report so you can keep it in check and always have instant access to see what is going on with your financial records. You can order your free trial with ease and convenience online by completing the sign up form. The cost of monthly access to your credit report with Equifax is £14.95 per month.
What are the benefits of checking your credit report?
There are many ways in which you can benefit by keeping an eye on your credit report. Some of these include:
- Check your Equifax Credit Score and how this changes over time.
- Being able to detect any inaccuracies, mistakes, or suspicious entries on your file so that you can address them. This includes notices of correction to your credit file, which lenders can then see and take into consideration when making a decision
- The ability to keep track of progress if you are working towards improving your credit rating
- Being able to keep your credit in check and avoid getting a poor credit score
- The ability to see what lenders will see and work out whether it is a good idea to apply for credit based on the state of your credit file and score
What is included in the Equifax credit report?
A range of information is found in your credit report, and this is the information that lenders will look at when you apply for finance. The information in your credit file will include:
- Details about your current and past addresses going back six year. Your address details on your credit report will be tied in with what is contained on the electoral role. It is therefore important to ensure that you are registered on the electoral role, as lenders will check your address details on this to compare against the details on your application
- Details of any financial associations, which is anyone that you have financial ties with
- Information about your credit agreements (e.g. current accounts, credit cards, mortgages, mobile phone contracts, loans etc.) and how much each one is for
- Details about your repayment habits, including late or missed repayments
- Information relating to County Court Judgements, insolvency, bankruptcy, and defaults
- Information about credit applications that you have made and searches that have been made by lenders, even if you did not get the credit
These are all details that will help lenders to decide whether or not to grant you the finance that you want. They are also details that could be out of date, inaccurate, or even false, which is why it is important to keep an eye on your credit file.
You will find that the credit report also includes information from CIFAS (UK Fraud Prevention Service, which is where lenders share details of victims of identity fraud to prevent further crime) and GAIN (Gone Away Information Network, which is a database of people who have moved but not told lenders a new address).