Published: 28/06/2021

Check Your Credit Report Annually


Check Your Credit Report Annually

It is best practice to check your credit report at least annually, or even more often. Before applying for credit, you should carefully check your credit report to ensure you understand every entry.

It is not unusual to spot a few errors in your credit report. If you don’t pick them up, these mistakes can lower your chances of getting the best credit deals.

Some of the mistakes to look out for include:

  • Loans that appear as unpaid even though they have been paid
  • Erroneous reporting of current debts as being up for collection
  • Incorrectly recorded addresses and personal information
  • Another person’s information appearing on your credit report because of mixed files

In addition, malicious and fraudulent credit applications could have been made in your name without you being aware. As you go through your report, you will be able to single those out if any. No one will penalise you for requesting and checking your credit reports. You can do it as often as you please.

Check Your Credit Report for Free

You used to have to pay £2 to access your credit report. It’s changed now and you can get your credit information for free. Here are some of the options you have.

Statutory Credit Report

Consumers have a statutory right to access a free credit report (it used to cost £2) at least once every year. The information you’ll receive include missed payments, details about your credit accounts, and people you have financial links with. You can opt to receive your Statutory Credit Report by post or access it online.

Credit Karma

Through Credit Karma UK Limited, consumers can get lifetime access to their credit scores and reports based on TransUnion. You just need to fill in your details and go through a few instructions to complete your application.

Clearscore

Clear Score Technology Limited also gives its users free Equifax credit reports and scores updated monthly. You only need to provide some basic details and you’ll be signed up.

MSE Credit Club

MoneySupermarket.com Financial Group Limited through its MSE Credit Club gives its members free Experian credit reports and scores that are updated each month.

There are free sources for credit reports that you can use or you can go for the paid ones which give you extra information and support.

Additionally, you can get more by subscribing to paid services giving you access to your credit information from all the Credit Reference Agencies. You get a complete picture of the information each CRA holds about you, together with fraud monitoring services, victims of fraud team support, guidance and customer service support online and via phone from Credit Analysts based in the UK.

As you can see your credit score is important, allowing you to quickly check your financial health and directing you on what you need to do to plan and improve your credit profile and help you plan your finances.

If you think you may be interested in a 1Plus1 Loan, please give us a call on 0330 1200 313 and one of our friendly staff will be more than happy to discuss the process with you, or start your application here.