What is a credit report?

Your credit report is your financial CV - it contains details of credit accounts you've held (and whether or not you've kept up with repayments), your current and previous addresses and any financial connections (such as the name of the person with whom you share a joint account). 

The information in your credit report is put together by credit reference agencies (CRAs) such as Equifax, Experian and TransUnion. It helps lenders confirm your identity and decide whether you're a reliable borrower. However, companies and lenders don't always share the same information with all three CRAs, so there are likely to be three slightly different versions of your credit report. 

In this guide, Which? explains how to check all your credit reports, what information is included and how to correct mistakes.

Can you check your credit report for free?

You can request a statutory copy of your credit report from any of the CRAs free of charge, which will give you a basic view of your credit history. 

There are also a number of services providing a fuller picture, typically for a monthly fee. 

Which credit reference agency should I use?

There are around 25 different companies approved by the Financial Conduct Authority (FCA) to offer credit reference services in the UK, but by far the most commonly used by lenders are Equifax, Experian and TransUnion.

These firms also produce your credit score, which is a number you can use to gauge how healthy your credit report is and how positively lenders are likely to view you before you apply for credit.

Not every lender shares information with every CRA so it's worth checking your report with each of the three main CRAs.

Equifax

Signing up to ClearScore will give you your Equifax report and score for free every month.

Equifax also offers a free 30-day trial of its full credit monitoring service. It costs £14.95 a month after the free trial.

Experian

You can see your Experian credit score - if not the full report - for free with an account on Experian's website.

The only free way to access your full Experian credit report is to sign up for a free 30-day trial of Experian's CreditExpert service. It will cost you £14.99 a month after that if you don't cancel.

You could previously get free access to your Experian credit report via the Money Saving Expert Credit Club, but it switched to TransUnion in November 2023. 

TransUnion

TransUnion offers free access to its credit reports through a service called Credit Karma. Since November 2023, TransUnion credit scores have also been available via Money Saving Expert's Credit Club.

• Find out more: how to check your credit score for free

What information is on your credit report?

Some of the information held in your credit report will come from banks, building societies and credit card companies you have borrowed from in the past, or to whom you currently owe money.

Other details on your credit file may come from publicly available sources (such as the electoral register) or be supplied by utility companies.

What's included:

• your name, address, and date of birth
• whether you are on the electoral roll at your current address
• how much you currently owe lenders
• any late payments on existing or past credit card or loan accounts
• any missed payments on existing or past accounts
• any County Court Judgments (CCJs) made against you
• whether your home has been repossessed or you have moved away owing money
• whether you have been declared bankrupt or entered into an Individual Voluntary Arrangement (IVA).

What's not included:

• the amount of money in your current account
• your salary
• savings accounts
• student loans
• criminal record
• medical history
• parking or driving fines
• council tax arrears.

What is a thin credit file?

Millions of people in the UK have what's known as a 'thin' credit file, which means there isn't much information about them.

Your file may be thin if you haven't used credit for a long time, or at all. 

This can make it hard for companies to verify your identity and assess whether you will be able to handle a credit agreement. It means you may struggle to access mortgages, loans, credit cards and mobile phone contracts, or will face higher costs than others.

• Find out more: how credit reference agencies make you the product

How long do 'hard' searches stay on my credit report?

A lender can conduct either a 'hard' or a 'soft' search when you apply for credit:

• Soft checks aren't visible to lenders and won't impact future credit applications. These allow lenders to give you an idea of whether your application would be accepted, how much you can borrow, and what interest rate you'd be charged. 
• Hard checks involve a full search of your credit report and leave a 'footprint' on your credit file that's visible to other lenders for at least 12 months which means they can impact your credit report and score.

While it doesn't matter how many soft searches there are (as only you can see them), multiple hard searches - particularly within a short period - can lower your credit score. 

When shopping around online, check if a provider is offering a soft or hard search before entering your details.

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Does BNPL borrowing go on your credit report?

The short answer is, it depends. 

There is still an inconsistent approach to how short-term 'buy now, pay later' (BNPL) credit deals (known as 'deferred-payment credit' accounts) are reported to CRAs.

If you've taken out credit with a regulated BNPL scheme - such as Zilch or Monzo Flex - your credit and repayment history should already be visible on your credit report. But most interest-free BNPL schemes are currently unregulated so these firms don't have to report information about your borrowing. 

Providers such as Clearpay don't report to any agencies so your repayments can't help build - or harm - your credit score. However, there has been a shift with some of the other big players. 

Klarna started reporting to Experian and TransUnion for all purchases made with its Pay in 30 or Pay in 3 schemes (including via a Klarna Card or in-app shopping) placed on or after 1 June 2022, for example. 

BNPL borrowing isn't currently factored into your credit score if you use providers like Klarna and Laybuy - to allow agencies and lenders time to update their credit scoring systems - but missed repayments could have a negative impact on your credit score with others. 

• Find out more: 'buy now, pay later' schemes explained 

Why should I check my credit report?

If you're 18 or older and have ever taken out a credit agreement - whether that's a mortgage, overdraft or mobile phone contract - you'll have a credit report.

You should aim to check your credit report regularly, at least once a year, and before applying for credit.

Not only will this allow you to pick up on any mistakes that could reduce your chances of getting the best credit deals, but you'll also be able to spot if any fraudulent credit applications have been made in your name.

Because the information held on you can differ between the CRAs, it's best to check all three.

You'll never be penalised for checking your report, so you're free to do so as often as you like.

• Find out more: what is identity theft?  

What impact do credit report errors have?

Even a small error could have huge consequences and stop you from getting the best rates when borrowing.

Mistakes can range from basic errors relating to your address details to incorrect information supplied by your bank or energy supplier, which could deter another company from lending to you.

Missed payments stay on your report for up to six years and are the most common entry people dispute, according to Experian.

If a lender keeps chasing you for a missed payment - even if you're not responsible for it - you could end up with a default being recorded on your credit report, or even a County Court Judgement.

• Find out more: is a credit report error wrecking your score?

How to fix credit report errors

If you spot a mistake on any of your credit files, it's important to get this rectified - otherwise, it could harm your ability to get credit later.

You can either contact the company that provided the information, or the credit reference agency itself to get it corrected.

If you go down the CRA route, the CRA will contact the lender on your behalf. TransUnion and Equifax will do this as standard procedure, while Experian will do this if you ask it to. It says it's sometimes quicker if you contact the lender directly.

The agency has 28 days from your request to tell you if it has removed the entry, amended it, or taken no action. The entry will be marked as 'disputed' in the meantime. This is so any lender searching your file will know not to rely on that piece of information.

Unfortunately, there's no guarantee an error will be removed unless the lender grants the CRA permission. If it doesn't, and your records aren't updated, your next option is to add what's known as a 'notice of correction' to your file, allowing you to explain in 200 words why the error is there

This can be used to explain why you think a particular piece of information is wrong or to highlight any mitigating circumstances, for example, a sudden bereavement that may have caused you to miss a credit card or loan repayment.

How long does it take to fix credit report errors?

According to UK General Data Protection Regulation (GDPR) principles, companies are supposed to correct inaccuracies held in your personal data 'without undue delay', but some Which? members have told us it took months before their report was updated.

While CRAs must get back to you within a month, they can't rectify your credit information until the lender has issued the update. If the company won't engage with you then the error could stay for months on end, leaving you in limbo.

• Find out more: how to improve your credit score