Today I wanted to write a little bit about how you can get a free credit report in the UK. Looking at your credit report can be a good way to start understanding why you may have failed a credit check.
One such company is called Noddle and I personally subscribe to their free service as a way to monitor my credit report. Noddle offer a Free Credit Report to UK residents along with a credit score. The data is provided from one of the Credit Reference Agencies called Callcredit.
There are other Credit Reference agencies out there as well called Equifax and Experian. The information held by the three of these agencies could be different as not all lenders submit information to all three of them. Typically a lender will submit information to one or two of the Credit Reference Agencies.
You may be wondering why they would offer your credit report for free. Well there are ways I can see they make money. For example they regularly advertise credit products you may be approved for etc and no doubt they will get a commission for a referral.
You can also upgrade your plan to offer more features but for most needs the Free Report will suit perfectly fine and on a personal level the free plan is what I use. You can find out more in my Noddle Review post if you like.
Where else could you get a Free Credit Report?
There are plenty of places that either can offer you a free trial or a free credit report and below I list a few examples.
- CreditExpert Offer a 30 day free trial.
- Clearscore Offer you a Free Credit Score and Report without a subscription.
- Checkmyfile Offer a 30 day free trial.
There are doubtless many more places to view your credit report for free and the above are just examples of organisations I have used. The only thing to be careful of with the Free Trials is to remember to cancel as your trial will automatically renew. Best thing here is to make sure you cancel your free trial in good time.
On a personal level I am using both Noddle and Clearscore as they don’t cost me anything! I also on occasion use Checkmyfile but that costs money so this is only used on rare occasions.
Why would you want to check your Credit Report?
The main reason you would want to check your credit report is to make sure that the information it contains is correct. You may be surprised to hear that mistakes do happen and those mistakes could case you to fail a credit check.
If you are currently in the process of trying to rebuild your credit score then checking your Credit Report is definitely a good place to start. As mentioned above you are checking for any mistakes and also at least by checking your credit report, you know what you are up against in terms of any bad data such as defaults or bankruptcy.
The other aspect which is partially useful is the credit score. The credit score they give you is not an exact science but can be a useful guide. The thing to remember here is that the lender to which you are applying to will have their own way of calculating a score so you should take the arbitrary score suggested by the Credit Reference Agencies with a pinch of salt.
The role of the Credit Reference Agency is merely to provide information on your account repayment performance and data from other public sources. They never make the decision to lend as that is always down to the lender based on the assessment of the information they have received, along with the information on your application form.
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