I figure, what better first post than to talk about how credit reports work! Everyone should have an interest in their credit report, whether you think your credit history has been good or bad, it’s still important to keep an eye on it. There are very few people out there who have gone through life without ever borrowing any money on credit, for example how many of us could afford to buy a house without a mortgage!?

If you have ever applied for credit, whether it be a credit card, mortgage or some kind of payment scheme then you will remember filling out long forms with some questions which might seem quite irrelevant, for example you may be asked if you’re married, have kids and so on. All this information helps the lender to build a profile about you which can help them build a better picture of how good a candidate you are for credit.

Every time you apply for credit, the lender will pass on a certain amount of information to a credit score agency (such as Experien) so they can get a rough picture of your existing and previous credit history for the decision of deciding if you’re “good for it”. You may be wondering, why should I care about this report? Well if the report has incorrect information on you then it could have a bad effect on your application, for example if the report says you have CCJs when infact you don’t, this will have an unfair effect on your future and should be fixed as soon as possible.
Luckily, you can apply for your records at anytime and usually at a very fair administration price. You can then reply with any ammendments or corrections. Do this today and make sure it’s correct, this is the first step to fixing your credit problems!