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A Guide to Your Credit File

When you apply for a credit card, open a bank account or get a store loyalty card, the company you have applied to will usually perform a credit check. This is a process whereby the company will get a copy of your credit file and check to see if you have any County Court Judgements, outstanding debts or other relevant financial institution.

This guide will explain exactly what a credit file is and isn't, and how you can get a copy of your file to see exactly what information is held about you.

 

Myths and Questions about Credit Files

  • I'm on a credit blacklist
    There is no such thing as a credit blacklist. Credit files do not hold opinions or comments on them. They only have basic information such as the name of the bank or shop, the date the entry was made, and possibly a history of payments (not amounts, just a code number to say whether the payment was on time that month or not.

  • What is CIFAS
    CIFAS stands for Credit Insurance Fraud Avoidance Scheme. It's a system whereby suspicious activity can be logged by one bank so that others can make further checks on that person. A CIFAS listing does not stop you getting credit, it just means that the company might ask you for additional proof of identity or somesuch.

    CIFAS is a restricted database within the financial industry, and CIFAS details will never find their way to other people such as your landlord, or your employer.

  • How many credit files can I have
    You may have either one or two credit files in the UK. This is because there are two companies that are licensed to compile credit information, Equifax and Experian. Some companies will use the former, others the latter. Some information is shared between the two companies such as CCJs, but generally you will find different information on each file.

  • Can I see my credit file
    Yes. It is a legal requirement that if you ask either Equifax or Experian for a copy of your file, they must provide it within 21 days. There is a statutory fee of £2 to each company, but that is the only charge. See below for information on getting your file.

  • Getting your credit file
    Getting a copy of your credit file is quite a simple process. Although you can get your file from either Experian or Equifax, it's usually best to get your file from both, as one company might have slightly different information on you. For further information, go to:

    • Experian- currently offering a free credit report and trial of their CreditExpert service.

    • Equifax

If you need any further information about credit files, or you have a query about your file, then both companies provide information with the file on correcting mistakes, or adding explanatory statements to the file. If you have a question that you would like to see answered here, then please contact us and we'll do our best to answer it.

 

Article written by Andrew Dancy. Copyright © Haywards Heath
Debt Advice Centre 2002. Reproduced with Permission

 

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