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You and your money
If you're an adult living in the UK, it's more than likely that your name and details are held in the files of the three main credit reference agencies: Experian Ltd, Equifax plc and Callcredit plc.
Whenever you apply for a loan, lenders may ask one of these agencies for a copy of your credit file.
This will give them:
- public record information about you, such as electoral roll details, and any court judgments, such as County Court Judgments (CCJs) or records of bankruptcy against you;
- credit account information – details of your current credit agreements (including whether you're keeping up to date with your payments) as well as other credit agreements you have had in the past six years;
- other credit checks. Several applications for credit in a short space of time may indicate that someone is over-stretched, or possibly a victim of fraud.
It's your legal right to see your credit file and to correct anything in it that you can prove is wrong.
You will have to pay the agency a fee, but the maximum cost to see your report is £2 (although it may cost more online and by telephone).
It's a good idea to ask to see your credit report occasionally.
Mistakes can happen, but you can put them right.
Don't worry that agencies hold 'secret' information about you.
You can see the same information that the lenders can obtain in your name.
And don't apply for several credit cards or loans at once.
It can have a negative effect on your credit record.
Contact details for the agencies are: Experian Ltd 0870 241 6212;
Equifax plc 0870 010 0583;
Callcredit plc 0870 060 1414.
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