What is in a credit report?
There are often some misconceptions with regards to what information is contained within a credit report and what it not. Simply put, the data that will be in your credit report can be broken down into three broad categories (we'll expand on each category later).
1. Personal contact information
2. Personal details
3. Financial history
Contrary to popular belief, your credit report will not contain information such as –
Personal savings are not shown, as these are not “credit”
Child support payments (CSA payments) are not listed in the credit report
Standard student loans are not detailed (unless a CCJ has been issued over non-payment)
Credit agreement payments that were defaulted over six years ago are not shown
No family details are listed on the report as long no credit has been applied jointly
A criminal record will not be shown on a credit report nor will any fines accrued
Your medical record will not be disclosed on your credit report
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Personal contact information
Your credit report will contain your full name, along with that of your partner (if any) and a list of previous addresses for you.
Electoral roll details will also be present in the report, which will show the lender which local authority you belong to as well as current and past addresses with applicable dates. This is an important aspect for the lender as it helps identify that a potential credit applicant is who they say they are and they reside at the same address that has been entered in their application for credit. Therefore, make sure that you are listed on the electoral register. One more reason to register to vote...
Personal details
If there have been any court judgements against you, they will be held on your credit report for 6 years from the time they were issued. If the judgement is paid within one month of issue and the court has issued a Certificate of Satisfaction, the judgement will be kept on your file for the duration but it will be marked as having been "satisfied". Any county court judgements that have been incorrectly recorded on your file can be altered upon successful review.
Financial history
Some lenders will only retain details on customers that have failed to meet obligations under their credit agreements; however, most will retain all credit agreement information. Experian holds the credit account details of potential lenders going back for 6 years.
Any credit accounts that are noted on your credit report will be denoted as active, settled, defaulted or delinquent.
Active - An active credit agreement is one that is currently ongoing according to the terms of the agreement.
Settled - A settled credit agreement is an agreement that has been repaid.
Defaulted - A defaulted credit agreement is where a person has not kept to the terms of the credit agreement. The credit report will show the amount that is left to be paid. If the remainder of the payment has been paid since the default has been recorded, the credit report will then show that the balance has been satisfied.
Delinquent - A delinquent agreement is when payments have not been received for three months on two or more consecutive months or are alternatively three months late over the given year.
When a credit account appears on a credit report, up to 36 months worth of payments can appear and there will be a status history of each payment denoting whether the payments were made on time.
If the terms of a bankruptcy have been fulfilled, this can be noted on your credit report by obtaining an Annulment Certificate or Order of Discharge document and sending it to the credit agencies. If the bankruptcy has been annulled, all record will be removed from the credit report, if it has been discharged, the record will remain but it will be noted as "discharged".
Any lenders that have searched your credit report over the past 12 months as a result of you having requested credit will be noted. If you have requested a credit quote, this will be noted as a specific "quotation" search as opposed to an actual credit application.
If there has been an application for credit in your name and address, an agency credit report will also show this which can be a handy way of checking whether identify theft has taken place.
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For more detailed information on credit reports see our additional articles on the subject -
Credit reports - an introduction.
How to improve a credit rating
Understanding your credit scoring
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Any information offered here is general and should be considered as purely informational in nature. Information here should not be construed as advice and it is offered without legal responsibility or liability. It must be emphasised that you should consult a professionally qualified individual or company (such as an accountant, financial adviser or solicitor for example) should you need advice on your financial situation, as they will be able to tailor their advice to your situation accordingly.