Credit Report: What It Is and How to Use It

A credit report is a record of how you handle borrowed money. Lenders look at it whenever you apply for a mortgage, car loan, or credit card. Knowing what’s on your report helps you avoid surprises and gives you control over your finances.

Every few months you get a snapshot that lists your accounts, balances, payment history, and any public records like bankruptcies. The numbers in the report are turned into a credit score – a three‑digit rating that predicts how likely you are to repay a loan. The higher the score, the better the terms you’ll receive.

In the UK you can claim a free copy of your report from the major credit reference agencies – Experian, Equifax, and TransUnion – once a year. You can also request a copy online for a small fee if you need it sooner. Make sure you use the official websites; third‑party sites may charge hidden fees.

When the report arrives, you’ll see several sections. The personal details part confirms your name, address, and date of birth. The accounts section lists every credit agreement you’ve opened, the date it opened, the credit limit, and the current balance. The public records area shows bankruptcies, County Court Judgments, or IVAs. Finally, the enquiries tab records who has asked to see your report.

Read the report carefully. Look for any accounts you don’t recognize – they could be fraud. Check that balances and payment dates match your own records. Even a small mistake can pull your score down, so it’s worth the time to verify everything.

How to Get Your Credit Report

Start by visiting the website of Experian, Equifax, or TransUnion. You’ll need to provide your full name, address, and a form of ID. After a quick verification, the agency will let you download a PDF or view the report in a browser.

If you prefer a paper copy, request it by mail. The report should arrive within 15 days. Keep it safe, but also store a digital backup in a secure folder. Remember, you’re entitled to a free report each year, so set a reminder to claim it on the anniversary of your last request.

Some banks now offer a free credit report as part of their online banking service. Check your account dashboard – you might already have access without extra steps. Using multiple agencies gives a fuller picture because they each collect slightly different data.

Spotting Errors and Improving Your Score

If you find an error, contact the agency right away. Most have an online dispute form where you can upload supporting documents, like a bank statement showing a missed payment. The agency must investigate within 28 days and tell you the outcome.

While you’re reviewing the report, note any late payments or high credit‑utilisation ratios (the amount of credit you’re using compared to your limit). Paying down balances to under 30 % of the limit can boost your score quickly.

Set up automatic payments for at least the minimum amount to avoid missed deadlines. If you’ve missed a payment, bring the account current and ask the lender to remove the late mark – many will do it as a goodwill gesture.

Getting a new credit card just to improve your score isn’t always helpful. New accounts create a hard enquiry, which can temporarily lower your score, and too many cards can raise your utilisation. Focus on managing the accounts you already have.

Finally, keep old accounts open. Length of credit history is a factor in scoring models, so closing a long‑standing account can hurt more than it helps. Even if you don’t use the card, let it sit there with a zero balance.

By regularly checking your credit report, fixing mistakes, and practising good credit habits, you can keep your score healthy and save money on loan interest. Make it a habit – your future self will thank you.

What Happens After 7 Years of Not Paying Debt?
  • By Landon Ainsworth
  • Dated 11 Jun 2025

What Happens After 7 Years of Not Paying Debt?

Wondering if unpaid debt just vanishes after seven years? This article breaks down what really happens after you ignore a debt for that long. You'll find out how your credit report changes, whether collectors can still chase you, and what 'statute of limitations' means for your bank account. Plus, get smart tips on handling old debts and avoiding common mistakes. Cut through the myths and learn what to really expect after seven years without making payments.