Credit Reports

Your credit report is used by banks and financial services to get an understanding of how you have managed your money in the past so they can decide if they want to lend you money.

A credit report will show you things like: 

• Accounts that you have currently open
• Accounts that have already been closed
• Current and previous addresses
• How much you owe to creditors and if you have missed any payments

Credit reports do not show how much you have in your current accounts or saving accounts, and do not show other types of debts, such as Council Tax debt.

This is why it’s so important to make sure that these accounts are secure, and that nobody else can access them.

Credit reports show which accounts are in your name. 

It is important to check your credit report before you try to takeout any financial products, like opening a new bank account, getting a credit card or setup a new phone contract, but also if you are unsure how many accounts or financial products are open in your name.

You can check your financial history through the three main Credit Reference Agencies (CRA): Experian, Equifax, TransUnion.Each of the three CRAs holds a file on anyone who has applied for credit or an account that can access credit (like a bank account). This file is called a credit report (or credit file).

Some information on each credit report might differ between CRAs, so it is a good idea to check all three to ensure you have a full picture of your financial records.

If you haven’t yet, read our tech safety information

Set up free accounts with all three of the Credit Reference Agencies

All CRA accounts have versions that you can pay for, however for getting a good understanding of your financial situation the free versions are enough.

• Experian – use MSE Credit Club, which offers full access to your Experian credit report.  
• Equifax – use ClearScore, which provides free access to your Equifax report
• TransUnion – use Credit Karma, which provides free access to your TransUnion report.  

In order to set up any of these free accounts you are likely to need between 3 to 6 years address history. If you don’t have this information or you haven’t lived in the UK for that long, you may need to request your credit file in a different way.

Statutory Credit Report

A Statutory Credit Report or File is a stripped back version of a credit report that anyone can order and that doesn’t show you a credit score.

You can request your statutory credit report online here:

• Experian Statutory Credit Report
• Equifax Statutory Credit Report  
• TransUnion Statutory Credit Report  

If you haven’t been in the UK very long, the CRAs may need more evidence to verify that it is definitely you that is requesting this information. For example, they may ask for proof of your address and ID.

Some things to consider if you are ordering an online Statutory Credit Report:

• Experian online Statutory Credit Report request – within 5 working days after ordering this online Report via the Experian website, they will send you a letter to the address provided with a unique passkey which will allow you to log in to their website and view your report. 
• Equifax online Statutory Credit Report request – once you have registered for this service, Equifax will give you access to the member’s area where you can view your statutory credit report online.
• TransUnion online Statutory Credit Report request – after providing the required information on the TransUnion website, they will send you a one-time passcode to the email address that you provided on the online form. This passcode helps TransUnion validate that the email belongs to you and must be entered into their website straight away. Once you have completed this verification process, you should have access to your online report on their website. 

Make sure your email account is safe before you request your credit report.

If there is something on your credit file that you don’t agree with (for example, an account that you didn’t open) you need to act quickly:

1. Contact the bank or financial service of the account you don’t recognise.
2. Report a fraudulent account that you have seen on your credit report. 
3. You can also add a Notice of Correction to your credit report to show that this account is not a reflection of your financial behaviour.
4. See more information here