Learn to be a Financial Hunter - Not the Hunted


How To Audit Your Credit File
Step 1: Order your credit file from the 2 CRAs
Why order the 2 Credit Rating Agencies (CRAs)? Because lenders don't have to supply information to the CRAs, it's all voluntary. This means information on your Experian credit file might not match that on your Equifax.

Plus, mistakes can easily be made. Your Equifax file might have you living correctly at 12a Sunny Lane but your Experian file has it listed as 12b Sunny Lane. Even a small mistake like that can cause problems when applying for credit and in some cases you'll be flat refused.

Also, some lenders will only download one of your credit files. But as indicated above your information might be slightly incorrect with one agency while it's perfect with the other CRA. In such a case you might have a problem getting accepted for a credit agreement, or maybe turned down.

The 2 CRAs to order your Credit File through are -

Payment options
Beware because the two CRA websites try hard to get us to sign up to their monthly service which offer the ability to download our credit files whenever we want and as many times as we want. However, for most people these services are unnecessary and far too expensive.

What the CRA websites usually try to keep quiet is that by law they have to provide your credit file for a maximum of £2 and this is what I advise.

Online form

0844 481 8000

Note: each time your credit file is ordered there will be a further charge of £2. For example, if you order one today and then another in 2 months time, the total cost will be £4.

Watch out CRA produced 'Credit Scores'

Be attentive because the CRAs love to market services and features that the average person doesn't need.

For example, all of them try hard to sell you an (estimated) credit score but this is worthless because it's not how these agencies interpret your data - it's how a potential lender does.

A far cheaper option (it's free) is for you to estimate your own credit score which takes less than 5 minutes.

Update: The more I read on the web and talk with people who've ordered their 'credit score' from Experian or Equifax the more I think they're a complete waste of money. Take note.

LearnMoney.co.uk Home Page

© 2019 LearnMoney.co.uk All rights reserved

The information on the LearnMoney.co.uk website has been compiled from sources believed to be reliable, but is not warranted to be accurate or complete.
All recommendations and comments are provided for general interest only and should not be construed as advice.
Professional advice should always be sought before buying or investing in any financial product.
The price of securities and any income from them can go down as well as up.
Past performance of a security or market is not necessarily indicative of future trends.
Any opinions and recommendations on LearnMoney.co.uk are given in good faith, but without legal responsibility and are subject to change without notice