Credit Reports, Credit Files and Credit Blacklists.

Your rights explained, contact details for the main UK credit agencies, (Experian, Equifax, CallCredit) plus sample letters requesting a copy of your credit report.

Your Rights

Under the Data Protection Act you should be told, unless it was already obvious, if the files of a credit reference agency are to be searched when you apply for credit.

In most cases you should also be told if a credit reference agency receives information about you from a lender: they should let you know who they are and how your information will be used and disclosed. To make it easier what will normally happen is that the lender will tell you all of these things when you apply for credit. The name and address of the agency which has been used will not always be on the application form but it will be made available to you free of charge if you ask. You can write to the lender (see bottom of page) or you may he given a phone number.

If you do not want to write to the lenders or phone them, you can apply directly to the credit reference agencies for a copy of your credit reference file.

Am I Credit Blacklisted ?

The simple answer is no, you're not. There is no such thing as a blacklist. Credit reference agencies only display factual information about people, most of which is provided by lenders.

They do not offer opinions about your creditworthiness (that is, whether you are likely repay credit). Companies make their lending decisions using credit scoring based on information held by credit reference agencies, additional information you may have provided, plus their own internal processes. The information credit reference agencies hold shows that most people are actually good payers and make repayments on time.

Your Right To See Your Credit File

You do not have to be refused credit to see what information credit reference agencies hold about you.

You have the right at any time to ask them in writing for a copy of your file. (Costs Â £2 admin fee).
If you run a business as a sole trader give its name and address too, because under the Data Protection Act you will be entitled to any separate information which may be held about you in your business capacity.

If you are in a business as a partnership you can also ask for a copy of your file since you are entitled to this information under the Consumer Credit Act.Your right to this information is regulated by the Office of Fair Trading. Requests for advice on this matter from partnerships should therefore be sent to the Director General of Fair Trading .Limited companies do not have any rights under the Data Protection Act 1998 or the Consumer Credit Act 1974.

It is a good idea to keep copies of any letters you write and to have a proof of posting or recorded delivery number. They may be useful later if there is a disagreement about your file.

The agency you contact may ask for more details to help them find all the information they hold about you and, before sending the file out, to check that you are who you say you are. Otherwise they must send you your file within 7 working days from the receipt of your letter or tell you that they hold no information about you.

The main UK Credit Agencies are:

Equifax Plc
Credit File Advice Centre
PO Box 1140
Bradford
BD1 5US
www.equifax.co.uk
(You can order your credit file on the internet or by telephone).
Experian Limited (tel: 0870 241 6212)
Talbot House
Talbot Street
Nottingham
NG1 5HF
United Kingdom
www.uk.experian.com
Callcredit plc (tel 0870 060 1414)
Consumer Services Team
P O Box 491
Leeds
LS1 5XX
www.callcredit.plc.uk

Example letter ask your loan provider which agency they use.

123 Your Street,
Your Town,
Your Post Code

Dear Loan Company

Data Protection Act 1998

Please tell me the name and address of any credit reference agency which you have asked to give information about me. I expect a reply within 7 working days of your getting this letter.

Yours Faithfully

Fred Bloggs

Example letter asking for your credit report.

123 Your Street,
Your Town,
Your Post Code

Dear Credit Reference Agency

Under section 7 of the data protection act 1998 please send me a copy of my file containing the information which has an effect on my financial standing.
I enclose a postal order/cheque for Â£2.

<< see guidelines below as to what personal information is to be included. >>

I expect a reply within 7 working days of receiving this letter.

Yours Faithfully

Fred Bloggs

You should include in the above letter:

Your full name, including title, forename, middle name and surname (and maiden name if appropriate)
Any other name you have been known by
Your date of birth
Your current address, including house number/name, street name, district, post town and postcode
Any previous addresses lived at during the last 6 years. List each address separately including house number/name, street name, district, post town and postcode
Your signature

You may only request your own credit report.

Correcting Errors:

See Correcting Your Credit Report

Credit Score

The Contents of your credit file define your credit score.

What is a credit score?
This is how lenders calculate whether they will grant a loan or credit. A score is a snapshot of your credit risk picture at a particular point in time. The higher the score, the lower the risk to lender.

How are credit scores calculated ?
Every score is individual and calculated using a mathematical formula that evaluates all types of information on your credit report, compared to information patterns in millions of past credit files. The score can then identify your level of future credit risk.

Important factor in a credit score

Most credit score and credit rating agencies use five main factors to determine your credit score. Listed in priority order these are:

Payment History,
Amount owed,
Length of credit history,
New credit,
Types of credit in use.

These will vary between credit rating agencies but the essentials will remain the same.

Why do lenders use scores?
Scores provide a reliable guide to future risk based on credit report data. The higher your score the lower the risk to lenders when extending new credit. Debt consolidation loans often require a good credit score, so do not wait till you have missed lots of payments to ask for help. This is because banks are far less keen to lend money to repay other people's debts than they are for a tangible item such as a car or household appliances.

Does everyone have a credit score?
No, but any one who has had credit will have a credit file. For a score to be calculated on your credit report, the report must contain at least one account that has been active for six months or longer. In addition, the report must contain at least one account that has been updated in the past six months. This ensures that there is enough recent information, in your report to compute an accurate score. Your score also will not be calculated if there is a fraud statement on your credit file.

How often does the score change?
Your credit file is continually updated with new information from your creditors and companies you are supplying you with credit.

How We Can Help

If you have debts you can't afford and have missed payments and have been declined credit by conventional means, you need to come to terms with the fact you can't borrow your way out of debt.

Debt Management could be the solution to your problems. You'll be able to reduce repayments to affordable levels without the need to go further into debt.

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