Each credit report lays out your information differently. However they all contain the following categories of information:
• Information to identify the owner of the report including name, address, national insurance number, and date of birth
• There is usually a summary of the report at the beginning
• List of credit accounts (aka lines of credit) and payment history
• Credit inquires within the last 2 years
• Information related to your creditworthiness that is available on public record.
The easiest way to think of your credit score, is that it is an amalgamation of all the historical and present day relevant financial factors, represented in a 3 digit score. For someone who is then weighing up whether to make a decision relevant to your finances, based on your score, it quickly allows them to make an accurate decision. The higher the score number, the more reliable you are seen to be.
If for any reason there are errors with your report, the first step is to get in touch with the source of the error. Each financial factor represented in the credit report, is its own organisation and have it’s own system for enquiries. These are generally dealt with within 28 days. If you are unable to get the mistake fixed, you will be able to add a statement to the report giving your side of things.
It can be incredibly difficult to survive in the modern world without credit. We are constantly moving away from a cash based economy - for example. If you want to enjoy the cheap deals available online, you are usually going to need credit.
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