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Why should I obtain my credit report?

Some people find errors on their credit report when they check it. It`s not altogether surprising when you consider the sheer amount of data held about you. As you may already be aware from bank and credit card errors that you may have found in the past, some lenders do make mistakes from time to time. When they report your balances and limits to the credit agencies each month, the agencies have no way of checking the accuracy of each record - the data belongs to lenders, not them, they simply hold it and report it. For this reason you have a statutory right to have credit report errors corrected quickly and for no charge, so it makes sense to check your credit report regularly. Unless the information held about you is correct, you may be declined credit or may pay more in interest.

Checking your credit report regularly is also important in the fight against identity theft. You can see if there are any searches or accounts that you don’t recognise as yours, and identify quickly if someone has been applying for credit in your name.

If you’ve already been declined credit you can check your credit report to see the information that a lender would see. Your credit report and the application form you submit are the main sources of information that a lender will base their decision upon.

Credit checks are also performed when you apply to rent a house, flat and, in some cases, it’s required by law that employers must search you before giving you a new job.

Now, thanks to annualcreditreport.co.uk , you can get peace of mind without having to take out expensive subscriptions, or having to remember to get your credit report regularly.