credit agency, credit rating, online credit rating, credit score, credit card, credit score

Check your credit rating online

Don't let old debt get in your way. If getting your finances in order tops your list of things to do, then dealing with debt likely looms high on that list. The best place to begin is with your credit rating, the official record of your financial history.

A credit report is compiled by a credit agency using information gathered from your past and current creditors, such as credit card companies, banks and in-store credit agreements. It gives prospective lenders information to assess how likely you are to repay debts.

Lenders use this information to determine whether to give you credit and even what rate of interest to charge you; if they refuse you credit, they have to tell you which credit reference agency they use, so you can check the information on which they based their decision.

Why your credit report matters

Knowing what's in your credit report is invaluable. Not only can a credit history have a major impact on someone's ability to rent or buy a home, or secure credit, but checking your credit files regularly can also help you spot any attempts to get credit in your name made by identity thieves.

Under Data Protection rules, you're entitled to see a copy of information held about you, and to have errors corrected. The law also says that you are entitled to a copy of your credit report, by post, for only £2.

Of course, if you're concerned about inaccuracies, you might not want to wait a week for a report to arrive in the post. And the law doesn't say that the information posted to you has to come with explanatory notes. You can get much more helpful information, more quickly, by going online.

Who creates a credit report?

There are three major credit reference agencies in the United Kingdom, CallCredit, Equifax and Experian.

These agencies act as clearing houses, storing information about your credit history. The details in your report come from lenders you have applied to for credit. The file lists personal information such as your name, address, and birth date. It also includes information such as your payment history, including whether or not you've missed any payments, whether you're on the electoral register, and whether or not you have any county court judgements against you. The report also includes details of who has checked your records.

How to obtain your credit report online

You can obtain your credit reports online from a variety of sources, but the easiest way is to go directly to the credit reference agencies. All three UK agencies have web sites where you can order either your statutory report - the £2 printed version - or an online report, which you can access immediately, and which will include additional explanatory notes to help you understand the information.

CallCredit's new MyCallcredit service costs £7.50 for an online report, while Equifax currently charges £8.25 for an online report, or £11.75 for a report and information about your credit rating - the summary that lenders can use to help make their decisions - with 30 days' access.

Experian's website also allows you to request your statutory report every month, or every quarter, so you can see changes regularly. Additionally, you can subscribe to an annual online service, called Credit Expert, which costs £49.99 and allows you to view your full report online, and even receive weekly alerts by email or text message if there are any significant changes in your report - something that might indicate someone else trying to apply for credit in your name. CallCredit has a similar service, starting from £39.99.

What if there are errors in my credit rating

In some surveys, as many as 40 per cent of people have found errors on their credit reports, which can cause serious difficulty when shopping, moving house, or just trying to sort out your debts.

Fortunately, it's quite easy to have errors corrected, and all the agencies provide online services to customers who have bought their reports, allowing you to query information that you think or know is wrong. You have a right to have information corrected and also to add a note of up to 200 words to your file. You can also request that details of other people at your address be removed from your credit file, if you have no financial link to them.

Finally, if you do have debt or credit problems, remember that it's always best to seek advice sooner, rather than later, and you should also consider contacting Citizens Advice or National Debtline for free help and advice.

Article Source: Microsoft

credit ratings explained

Most mortgage lenders will normally undertake a credit search on you. The information provided by the credit reference agency will be used to help the mortgage lender assess your credit rating. If want to know the information stored on your credit file use our online credit rating service.

• Online credit reports
• Equifax credit report £9.95
• Equifax credit rating £12.95

Our credit rating service

We have teamed up with Equifax, one of the leading credit reference agencies in the UK to provide you with immediate online access to your credit files. Our service can also help you find out how to improve your credit rating, and show you how to reduce the risk of identity theft. Obtain your online credit report now.

Information on a credit report

The bulk of your credit report consists of details about credit accounts that have been opened in your name or that list you as an authorised user (such as a spouse's credit card). Account details, which are supplied by creditors with which you have an account, include the date the account was opened, the credit limit or amount of the loan, the payment terms, the balance, and a history that shows whether or not you've paid the account on time. Closed or inactive accounts, depending on the manner in which they were paid, stay on your report for up to 6 years from the date of their last activity.

Your credit rating

Lenders use their own formulas to calculate your credit rating, but most are based on a scoring system around seven basic factors. The factors include your payment history, amount owed, length of credit, new accounts, accounts in use, public records and searches.

Poor credit rating

If you fail one mortgage lenders credit score it does not necessarily mean you cannot obtain a mortgage. Different lenders set different criteria when assessing your credit report and some mortgage lenders will only offer you a mortgage if you have a poor credit score. Check the information on your credit file.

To request advice

Complete our online mortgage advice enquiry form or call one of our specialist independent mortgage advisers to receive free mortgage advice. As an internet based firm of independent financial advisers we provide advice over the telephone, via email and through the post. Dealing with you in this way means we can provide independent mortgage advice without charging you a broker fee.

More info about credit ratings explained

Online Credit Card Applications - Your Benefits

Online Credit Card Applications - Your Benefits February 22, 2005

Your Credit: Apply Credit Card Online for Dummies - Understand the Process and Be Careful!

When you apply online for a credit card, it helps to have a basic understanding of the process, technology, and security involved. Also, you should know that having a poor credit rating could keep you from actually getting a credit card, or it could mean you're only eligible for some high APR credit cards with certain limiting conditions attached. In addition, the credit card provider will do a credit check on you, when you apply for a credit card online, so you should be ready for that.

Of course, before you share your personal data, when you apply for a credit card online, make sure to verify that you're dealing with a legit, on the level organization.

Apply Credit Card Online: Target Your Credit Success!

Some credit card companies contract with a third party, like E-LOAN. So, when you apply for a credit card online, with one of these companies, you can apply for more than one offer, like up to multiple credit cards at once, if you want. Remember, though, if you apply for more than one card, absolutely, absolutely, do it within a 30-day time period, to keep from lowering your credit score.

If you do this right, credit bureaus will look at your multiple applications as being ok-they'll see it as appropriate and necessary consumer "rate shopping" behavior, if it takes place within a short period of time, while you're applying for a credit card online, by phone, or by mail-whatever suits you. You and Your Credit -- Why Apply Credit Card Online?

If you're short on personal resources, know that the purposes of such online companies is to streamline the credit card shopping process - in order to save you time, bother, and money! Usually, on one of these websites, you'll note that each online credit card offered is grouped or organized by the applicable credit rating, such as superior, bad, none, etc. The companies do this, so you'll be more likely to apply for the right card or cards and be approved, when you apply for a credit card online! Your Credit: Plan What You'll Do -- When You Apply Credit Card Online. . . .

When you apply for a credit card online, if you don't already know your credit score or credit rating, you can often use whatever free credit score tool is set up online, which helps lender to quickly see your past credit actions and record. Your credit scores are viewed by potential lenders to help them predict how certain customers are likely to use credit, based on their former credit practices.

Once you know your credit rating, either by using the website's online calculator or questionnaire, or by estimating your own credit classification, you'll be directed to a group of cards that is appropriate for that profile, such as perfect credit, good credit, poor credit, etc. Sometimes, you'll even find that you can get an account number online and some limited instant credit, before your credit card even has a chance to get to your house! !

Article Source: creditlovers site