Credit reports store a comprehensive record of your borrowing and repayment history which are maintained by credit reference agencies such as Experian, Equifax, and TransUnion.
They track your managed accounts which include loans, mortgages, credit cards, utility bills, mobile phone contracts and other forms of credit to check if you have made your agreed payments on time and in full.
They also include other information about you, such as your address history, if you are registered to vote, any recent searches carried out against you, payment disputes that resulted in court action, financial associations such as a joint loan or mortgage, etc.
Credit reports generally show a detailed record of your credit history for the last six years. Most lenders will use this information to decide if they think you are going to be a reliable payer before they offer you any form of credit.
Credit reference agencies also use a credit scoring system which allows individuals to quickly and easily assess their own credit worthiness. Generally, the higher the credit score, the more likely you are to obtain credit and at competitive interest rates, a lower credit score can mean it might be harder to obtain credit, and the interest rates are likely to be higher.
The information contained in your credit report and your credit score can vary depending on which credit reference agency you obtain your report from.
Statutory credit reports show a basic summary of your credit history and are available directly from the credit reference agencies for free.
They do not include a credit score or other educational features that might help you to better understand your credit report in more detail.
You will still need to verify your identity before you can access your statutory credit report, either online or by post.
Some credit reference agencies may take up to 5 working days to provide you with online access to your statutory credit report.
You can access your statutory credit report free of charge from the following agencies:
TRANSUNION - https://www.transunionstatreport.co.uk/CreditReport/AboutYou
EXPERIAN - https://www.experian.co.uk/consumer/statutory-report.html
EQUIFAX - https://www.equifax.co.uk/Products/credit/statutory-report
For free, impartial guidance on statutory credit reports, accessing your credit information and managing your money, visit the Money Helper website. Backed by the UK government, it provides clear, independent information to help you make better informed financial decisions:
https://www.moneyhelper.org.uk/en/everyday-money/credit/how-to-check-your-credit-report