Do you regularly check your credit report? Why? 13 December 2021 at 4:08PM in Credit file & ratings 22 replies 571 views

MSE_Ben_H

In one of our recent weekly emails, we learned how more than a third of respondents to an MSE poll have not checked their credit score in the last decade.

As Martin often says: "There's no such thing as a credit score in the UK - no one single number that dictates whether a lender will accept you. Each lender scores you differently based on its own wish list of what is a profitable customer." In fact, Martin's even written a whole blog and recorded a video talking about why you shouldn't worry about your credit score at all!

But we're interested to hear the views of anyone who does regularly check their credit score or credit report; why do you check it and how does it help you? Do you have a favourite provider or try and check multiple sources?

Let us know by replying below.

Brie

No.  Because I don't have time and don't need credit.

MaryNB

I check it every few months but keep a closer eye on it after I've had a change of circumstances (e.g. moving house) because I've had issues before with the information not being up to date. It took about 5 months to get Equifax to fix an error on my credit report last year and it was finally resolved a few hours before my mortgage appointment. Since then I try not to leave it until the point at which I need credit. 

Ebe_Scrooge

I check all 3 every so often, just to make sure there's no errors in the data.  I have no particular need for credit, but as I work in the financial sector I need to be "squeaky clean".  For what it's worth, my scores are all 100% - obviously I take no notice of them at all.

I did get a nice bonus many years ago.  Can't remember the reason why, but I signed up for the 3 free reports as recommended on this site.  Everything looked in order.  But I saw I had a £50 credit with some finance provider, no idea who it was.  Long story short, I'd bought some furniture from DFS many, many, MANY moons ago on their interest-free credit.  Somehow I'd overpaid.  The credit was stuck in my account for years (never had statements - didn't notify them of my change of address as the account was long-since settled as far as I was concerned).  Contacted them, and got a nice cheque in the post a few days later - paid for a special treat of a takeaway and a couple of bottles of vino for me and the Mrs. :-)

comeandgo

Never check them, don’t need them, have no credit though have mobile phone, no problem getting one.  I really think they are just cash cows for whoever owns them.

newatc

I check every few months, although I have no need for credit, to see if anything suspicious need attention,

[Deleted User]

comeandgo said:

Never check them, don’t need them, have no credit though have mobile phone, no problem getting one.  I really think they are just cash cows for whoever owns them.

The credit reports are a vital part of the credit system so lenders know who they can lend to based on past behaviour e.g. not wanting to risk giving money to someone who is unlikely to pay it back, based on past history. They certainly are a money maker but have their purpose, so long as we keep them as they are, rather than letting them push the US scoring system where your score rules your life.

MalMonroe

Brie said:

No.  Because I don't have time and don't need credit.

It's always worth checking every so often just in case there are any errors on there. (Sometimes there are.)

It's not all about whether or not people need credit. But good for you if you are in such a good financial position that you don't. 

MalMonroe

I check it every so often. Just to check that there are no errors. But mostly I keep a very regular eye on my bank account and credit card accounts (two of them, both paid off in full every month) - looking for any unexpected/unauthorised activity. I learned to do that by being a member of this forum! Thanks, everyone     

hugheskevi

I have recurring calendar reminders to check each report once each month, using the free versions.

This is just to make sure everything is as expected and one of the measures to identify any potential fraud. There have been 3 things identified over the last decade as a result:

(1) A bank account opened in my name had been incorrectly opened as a joint account with my wife (they asked for details of other members of household in application). This was shown on credit records, queried with account provider and changed.

(2) A closed credit card was still showing on report. Queried and removed.

(3) A closed credit card was still showing on report. Turned out the card provider had not processed the cancellation and it was still open.

All small things, just ensuring things are as they should be.

gozaimasu

hugheskevi said:

(2) A closed credit card was still showing on report.

Am I wrong in thinking that all closed accounts still show on ones credit card, even the ones older than 6 years? Although I think the point you were making is that the CC was still showing as an open/active account, rather than that it was still on the credit report. Even if we can see accounts older than 6 years on the report, credit checks only show accounts to new lenders if they're within the last 6 years?