What Is a Credit Report?

A credit report is a record of your credit activities. It lists any credit-card accounts or loans you may have, the balances, and how regularly you make your payments. It also shows if any action has been taken against you because of unpaid bills.

Where Do Credit Reports Come from?

A company that gathers and sells credit information is called a consumer reporting agency. These types of companies collect information about your credit activities, store it in giant databases, and charge a fee for supplying the information. The most common type of CRA is the credit bureau.

There are three major credit bureaus that operate nationwide, plus many smaller companies serving local markets. You can ask for a copy of your credit report from Experian or Equifax.

Experian
Tel: 0870 241 6212
Website: www.experian.co.uk

Equifax
Tel: 08705 143700
Website: www.equifax.co.uk

What Is a Credit Rating?

Your credit rating is drawn from your credit report, which outlines your borrowing, charging, and repayment activities. A good rating helps you reach financial goals; a poor rating limits your financial opportunities.