Getting Your Credit Report Right

This month, Andy Webb offers expert practical advice on the tricky subject of credit reports

- Andy Webb

A DECENT CREDIT report isn’t just nice to have, it can save you huge amounts of cash. The better your credit history, the better deals you’ll be able to access—from lower rates when remortgaging through to more time at 0% when transferring credit card balances.

In fact, your credit report is checked any time you want to borrow money, which includes getting an overdraft, switching energy and if you pay for insurance monthly. And any mistakes or missing data could result in your application getting rejected.

Fortunately, it’s really simple to check your reports, and it won’t cost you a penny. Here’s how to do it, plus a few simple steps you can take to help improve them.

The difference between credit scores and credit reports

Often you’ll hear these two terms used interchangeably, but they aren’t the same thing. Your credit report is the record of the times you’ve applied for credit, how much you owe and how you’ve paid off previous debts.

This is an important part of what lenders use when considering whether they want you as a customer. But it’s not the only factor. The details you put in your application can make a huge difference too, and they might already have their own data on you from previous accounts.