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2011 Free Credit Report Guide

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Credit Reports Explained
What Is A Credit Report?
A consumer credit report is a
personal snapshot of your credit
accounts, including your
overdrafts, credit cards,
personal loans, mortgages and
mobile phone contracts. Your
credit report records information
about your outstanding balances and payment history, and if
you've failed to keep up with repayments it will also list any
defaults, court judgments or bankruptcies registered against
ou.
What Is My Credit Report Used For?
Every time you apply for credit, lenders check your credit
report. This is known as a credit search or a credit check. The
information included in your credit report is used by lenders
alongside the information you provide on their application
forms to create a credit score (sometimes referred to as a
credit rating). Lenders use your credit score to decide whether
or not to lend to you. In some cases it also affects the terms of
your credit agreement and the rate of interest charged. Each
lender has their own methodology for calculating your credit
score a
p
nd they update them regularly to reflect their lending
olicy.
What Inform
Collected?
To compile your credit report credit reference agencies use
two main sources, public records and information provided by
lenders and financial institutions. Public records include
electoral roll information from local authorities, court
judgments, individual voluntary arrangements and
bankruptcies. Lenders and other financial institutions provide
details of credit searches, credit applications and credit
ation Is Included In My Credit Report And How Is It
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