If you don't want to pay £2 for a statutory copy of your credit report, there is an alternative. UK citizens can validate the information that Experian, Equifax and Callcredit hold about them by taking advantage of a free trial offer. Check your credit report for erroneous data and signs of unauthorised credit card, loan and mortgage applications.
How to see your credit report for free
Free credit report and score trial offer Credit reference agencies want to encourage people to use their services, so provide consumers with a short trial. If you want to see your free credit report and score, you should subscribe and cancel the agreement shortly before it is due to lapse. For example, you can get a 30-day free trial from Experian that allows you to see your report and score.
Why you need to check you credit report
Ensure the accuracy of personal information Your name, national insurance number, address and current employer should all be 100% accurate. Although it's natural to assume that this sort of information is always correct, this isn't the case. The onus is on you to get any erroneous data corrected. Once you alert a credit reference agency, they'll take steps to get these issues corrected. Credit searches you've not made Every time you apply for credit, the lender or issuer will perform a credit search. Have all of the searches been performed by you? Are there any duplicate searches? Each search will be recorded by credit reference agencies for 12 months, and too many of them within a short space of time can have negative implications for your creditworthiness. Incorrect status of a credit agreement If you've paid off or eliminated credit, it shouldn't show as active. For example, if you included an account in a bankruptcy agreement, this should be reflected in that status of that account. If it isn't, advise the respective credit reference agency and include a copy of your bankruptcy agreement as proof that this is an error. Fraudulent applications If there are active home credit agreements that aren't yours, you may have been the victim of fraud or identity theft. It's important that you alert credit reference agencies so that no further credit is taken out in your name. Incorrect credit limits If you have a £3,000 credit limit, but this shows as just £1,000, this has implications for your credit score. If you owe £750 on that card, your credit utilization will show as 75% when it should be just 25%. Getting this corrected will help your credit rating because it provides a better indication with regard to how exposed you are to debt.