CreditCards Blog

If I send a 2 cheque to both credit check company's, would I obtain my actual credit check? The websites only indicate that I would obtain my credit report.

You'll get the two credit reports. Which basically include details of whether you're on the electoral roll, what addresses you're linked to, details of your credit accounts, and any CCJ etc.

What do you mean by credit "check"?

Lenders carry out credit checks when you apply for credit facilities.

The credit reference agencies (CRAs) will provide you with credit reports, which tell you what data is held on file about you. This is the information UK lenders see when you apply for credit. (For help, see page 1 of the *How to obtain credit reports* sticky. ;))

If you think you're going to get a score (eg.678), then think again as you won't. Those figures are worthless scores (marketing gimmmick) which you have to pay a premium for.

You will get any known information about you, possibly wife/girlfirend (if linked accounts), addresses current + old (electoral role info), credit seraches by other parties, current loans, cards, payment history (good or bad), any fraud markers, CCJ's, deafaults, IVA's, disputes, etc

How will I know whether I'll get credit from the reports I receive?

You won't. That's for each individual lender to decide upon. Your credit report advises the lender of your history and based upon that and a few other factors a decision is made by them.

So if I'm looking to get a new credit card, checking my credit report is pointless?

So if I'm looking to get a new credit card, checking my credit report is pointless?

not necessarily as it can help you see if there is any record of poor payments, if any old accounts that should be closed are still open (which could go against if you have too much credit) or if there is any credit listings that shouldnt be there for instance if someone has applied for credit in your name etc, as if you find errors that need amending if you know about them you can get them corrected and therefore increase the chances of you being accepted. you can also see how many checks have been done against you recently, as too many checks in one period of time can give companies concern, also if there are any financial associations that shouldnt be there you are aware of them

For more info have a read of this guide (it also includes details of how to get a copy of your credit report for free):

http://www.moneysavingexpert.com/banking/credit-rating-credit-score

So if I'm looking to get a new credit card, checking my credit report is pointless?

Experian enclose a really useful booklet with your report. It explains all the different parts of your report and also explains what might/might not influence a lender's decision.

I get my report every six months or so just to make sure things look reasonable, but as others have said, it's the lenders who decide using their own criteria, but helped by the info on your report.

Experian enclose a really useful booklet with your report. Which you can view online or download from...

http://experian.metafaq.com/resources/experian/Downloads/Credit_report_explained