Credit Reports?

sara86pink

First of all, very sorry if this has been mentioned plenty of times in the past but as I have restricted internet use at work I cant spend hours looking through forums for the information I would like

I've noticed that a lot of people are mentioning their credit reports showing exactly what they owe etc.

Although I am 98% confident of what I owe, as I'm starting a new page in my 'dealing with debt' life, it wouldnt hurt getting one of these reports just to see exactly what is going on.

But, as I have no idea about Credit Reports, I just have a couple of questions..

1 - How much is it? Obviously I am trying to cut down on my spending so dont want to pay a fortune. I've seen on this site that there are a couple you can get which are free as long as you cancel but is it easy enough to do?

2 - What exactly do they show? I'm looking for exact figures on what I owe and also my current rating if possible

3 - .... actually, they are the only questions I have

Thanks for taking the time to read and maybe possibly answer

Kris1985_2

I just got a £2 credit report from Equifax, it shows a list of current / previous debts and balances.

The date they were settled, and detials of late payments, defaults, etc.

Court actions against you, and some other details.

I am also not sure where to get credit rating and what to do with the info.

Tixy

Hi Sarah

You can get free trials for either experian or equifax, most people cancel these within 30days and do not pay anything, that said a few people have found it difficult to cancel and ended up paying 1months fee (about £7).

The alternative is to pay for your statutory reports for £2 each (usually advised to get both equifax & experian).

Your file will show your open credit accounts, including a balance, credit limit, history of payments (noting late payments or missed payments) plus any defaults or CCJs). It will also show any accounts closed within the last 6years.
It will also list any searches of your credit file that have happened in the last 2years.

They will not necessarily show your exact balance, what they will show is what your creditor told the credit reference agency you owed last time they updated you report (which is usually monthly).

It will also not give you a rating. You can pay extra to get a credit score (a number between 1 and 1000) but this costs around £7 and actually does not tell you a great deal, as each lender assesses your suitability for credit indivdually, most people recommend you do not pay to buy a score from anywhere.

Hope that helps a bit.

It is usually quite a good idea to get your statutory report periodically to make sure that the details on it are accurate and to show you what potential lenders can see if you were to apply for credit.

sara86pink

Hi, thanks for the info!

That statutory reports will prob be the best option for me, and I dont mind paying £2 for that.

Will have a look later and see if I can get one sorted

Tixy

Forgot to say. It is possible not all your debts will appear on both your equifax and experian reports, some lenders only report to one of the agencies which is why its advised to get them from both to see a fuller picture.

Also it only shows consumer credit debt (cards, loans, catalogues, overdrafts, phone contracts etc) so if, for example, you owe council tax arrears that would not appear.

sara86pink

Ah thanks for letting me know that!

Just noticed that they need credit card payment and my credit card is a no-go zone! (plus I have hidden it so I dont use it and forgot where I put it!)

Going to borrow my boyfriends credit card and order one of each tonight

Tixy

You won't be able to use his card, it has to be a card in your name so they can check your identity, do you have a debit card (or solo?) - it says they will take them on this page - http://www.experian.co.uk/wiseconsumer/

if not you may need to do a postal one http://www.experian.co.uk/downloads/consumer/cfa.pdf

sara86pink

Again, thanks for the info! Wouldnt have known that otherwise!

I do have a visa debit card so will look at doing that

Kris1985_2

I just used my girlfriend Debit Card for both websites to pay for the reports.

Equifax - Viewed Instantly (accepted payment from her card) even though my credit report

Experian - authorised and will be posted today.

Thanks,

Zelie

If you are going to do the free trials make sure you cancel them within the month or you'll be charged!

Tweets_2

Sorry if this is hijacking a thread, but can I ask if getting a credit report shows that you've asked for it?