The main thing that every bank will check before giving you credit, of course, is your credit report. The quality of your credit history will help them know if there is any risk when working with you.
What is in your credit report? Your credit report typically holds the following information:
– Your current account provider, but just for overdraft details.
– Whether or not you are registered to vote.
– Your first and last name, as well as your date of birth.
– Your new and previous emails, if applicable.
– All of your credit accounts. This includes bank and credit card accounts, as well as other forms of credit such as outstanding loan agreements or service debts. They’ll reveal if you’ve made all of your payments on time and in full. Missed or late payments, as well as defaults, will be listed on your credit report for at least six years.
– Information about any co-borrowers. These are the people who are financially connected to you, such as people with whom you’ve taken out joint credit.
– Whether you or someone else has stolen your identity and committed fraud.
But personal information, such as your income, religion, or criminal history, is not included in your credit report.
When it comes to your credit report, who has access to it?
When you apply for credit, you usually give your permission for the credit provider to review your credit report.
Employers and landlords may even look through your credit report, although they will typically just see public records like data from the electoral registry and insolvency documents.
What is the best and easiest way to review your credit score and report?
All credit reporting agencies are required by law to provide you with a free copy of your credit report. You may read the information online or request a printed copy.
If you are applying for a loan, mortgage, credit card, or other types of borrowing, it is better for you to review the credit report first, particularly if you have not done so in a while.
In any case, it is a good idea to double-check it from time to time to ensure there are no errors or that you haven’t forgotten to make any payments.
You are free to review your credit report as much as you like, and it will have no effect on your credit rating or ranking.
Written by Bader Albader, market researcher.