Fast Quote UK

Your credit rating explained
Individual lenders use their own criteria when deciding whether or not to lend you money, but they rely heavily on data supplied by credit reference agencies. Credit reference agencies are commercial companies which compile information from a number of different sources, including the electoral roll, county court judgements and financial institutions. They sell this information to lenders and other service providers in the form of credit reports which help them to decide whether to grant an application for a loan, credit card, or provide another financial product. The three credit reference agencies operating in the UK are Experian, Equifax and Call Credit.

What information do they have?
Agencies hold personal information taken from previous credit applications. This includes your name, date of birth, current and recent addresses. The main part of your credit report is your credit history. This lists your credit accounts, the date they were opened, the credit limit or loan amount, and whether you have missed any payments. Account details stay on your report for six years after you settle a loan or close a credit card. However a credit card which you no longer use but have not formally closed will remain permanently. Agencies also record a credit search every time your credit report is looked at, for instance when you apply for a loan or buy something with interest free credit. These searches stay on your credit report for up to two years.

Your file also records the name of your current account provider, but will not show further details of your account unless they are relevant for the purposes of granting further credit - for instance if you are in unauthorised overdraft. Also included is public record information such as county court judgments, house repossessions and bankruptcies. Such information usually stays on your credit report for six years.
Credit reports do not include information about savings accounts or personal information such as religion, political affiliation, medical history, or criminal records.
The information on your credit report is used to generate a credit score, but this score is not part of the report itself.