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What information does a Credit Reference Agency hold?

18 April 2008

If you’re about to apply for credit – or if you’ve been turned down – you might have heard about the Credit Reference Agencies: the main ones being Experian, Equifax and Callcredit.

You probably know that Credit Reference Agencies maintain the credit reports which help lenders make up their minds about extending credit (or not). But what kind of information do they collect?

First of all, it’s important to realise that each Credit Reference Agency collects different information and provides a different credit report.

All three Credit Reference Agencies collect the following information:

• Electoral Roll – whether you’re registered to vote at your address
• Insolvencies – whether you’ve been declared bankrupt / entered into an IVA
• CCJs – whether you’ve had any against you (and whether they’re satisfied)
• Non-credit enquiries – e.g. searches on your credit report by a potential employer or landlord
• Notices of dispute – ‘flags’ which indicate that you’ve lodged a protest about one or more entries, complaining that they’re not accurate
• Notices of correction – messages (from you) explaining why certain entries are there.

Credit Reference Agencies may also collect the following:

• Credit applications – any attempts you’ve made to get credit, whether successful or not
• Repossessions – if you’ve ever had your home repossessed
• Names of the lenders you’ve dealt with
• Payment history – whether you’ve made payments correctly and on time
• Special payment arrangements – if, for example, you’ve agreed with a lender that you’ll pay more slowly than originally agreed.

Who will see my file?
A potential employer might see your file, or a lender you’ve applied to for credit. An organisation may contact a Credit Reference Agency to check your report in order to prevent money laundering. However, they won’t see everything on your file – it depends on what they need to know. For example, the Council of Mortgage Lenders (CML) keeps a register of people who have had property repossessed, and only CML members see this information.

Of course, it’s your information, so lenders need your permission to pass details on to the Credit Reference Agencies in the first place – normally, you’ll need to give your consent when you sign a credit agreement. Similarly, lenders, employers, landlords, etc. need your consent to check your credit report.

How long do entries stay on my file?
In most cases, a Credit Reference Agency will keep ‘search information’ (details of who’s looked at your file) for 1 or 2 years. Serious issues such as defaults, CCJs and insolvencies will stay on there for 6 years.

For ten ways to improve your credit rating, click here.
For more on how the system works and your right to have errors corrected, see What is a Credit Reference Agency?

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