Just as a resume discloses work experience to a prospective employer, a credit report provides a picture of an individuals credit history to prospective creditors, employers and insurers.
A credit report shows how credit is currently being managed and discloses to what extent promises are being kept to pay debt obligations.
Credit history influences the ability to rent or buy housing, get a job, buy
insurance and qualify for loans. Ideally, a credit report would be "an accurate, up-to-date record of credit payment history" but all too often credit reports are inaccurate, not up-to-date and contain misrepresentations about credit history. Moreover, credit reports often do not contain positive information about payments made on time, loans repaid and other successes debtors achieve in meeting their obligations.
What the law says
· The Consumer Credit Act 1974 gives you the right to have incorrect information corrected or removed from your file or have a note put on the file, which explains why you think the information is wrong.
· Under this Act the credit reference agency has to tell you within 28 days of receiving
your letter if they have taken action to correct your file or why they have not done so.
· Under the Data Protection Act 1998 you should be told, unless it is already obvious, if the files of a credit reference agency are to be searched when you apply for credit.
· The Theft Act 1968 makes it an offence to supply incorrect information on an application for credit
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CREDIT REPORT FAQ:
Can I check my credit file online?
They offer online access to your public credit file [more]
What's on my credit file?
They can obtain and independently analyse your full credit file for you [more]
I need to keep tabs on my file, can you help?
Yes - they provide expert monitoring services [more]
Buying a car?
1 in 3 has a hidden history. Avoid buying a turkey, for quick, cheap online HPI
checks [more]
What's my credit score?
They can calculate your credit score online in seconds [more] |
