These two terms means the same. They are the overall term for
information held on you by the credit reference agencies.
The
agencies create your credit file or credit report from two sources.
One
is public information, such as the electoral
roll.
The
other is information provided by banks, building societies
and finance companies. It is factual information about
loans you have with them at present and had in the recent past.
Lenders buy credit reports from credit reference
agencies. They use it, with credit scoring, to decide whether
or not to give you a loan. Credit reference agencies do not
make the decision to lend you money.
You might find information in your credit report about someone
else. It can only be someone with whom you have, or had, a joint
credit account. If you no longer have joint credit, you can
ask to be disassociated from this person. This is worth doing
if the other person has a poor credit history.
If any other name appears, that is a mistake and you should
tell the credit reference agency.
Information stays on your credit file for six years after you
have paid off a loan.
A lender should tell you if it refused you credit because of
information held by a credit reference agency.
You can check your credit report by contacting the credit reference
agencies. If you believe any information shown on your file
is wrong, you can tell the lender or dispute it with the credit
reference agency.
Bad
credit concerns? Simply ask a bad credit mortgage
expert.
It's free and completely confidential.
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