Category:
Credit File Reporting
Your credit file (also known as credit history or credit record) is put together by credit reference agencies from information shared by lenders and other relevant public information. The credit references agencies use this information to calculate your credit score.
The three main agencies in the UK are:
Lenders use the information on your credit file to:
- Carry out identity checks to make sure you are who you say you are
- Check you live at the address you’ve given them
- Decide whether to lend you money and what interest rate to charge you
There is no industry standard for credit scores, so each agency uses slightly different information to calculate theirs. The higher your credit score, the better your chances of getting approved for credit.