What is and isn’t included in your credit report

Have you ever wondered what information is actually in your credit report for lenders to see? Have you ever heard someone say your credit score takes into account factors you didn’t expect? Are you unsure about the information credit reference agencies hold on you? If you’ve answered ‘yes’ to any of these questions, then you’ll probably want to read on as we break down what is and isn’t included in your credit report!

Credit report in brief

Your credit report provides a snap-shot of all of your financial activity over the last six years, so that lenders can use it as a guide to decide whether you should be accepted for things like loans, credit cards and mortgages.

Noddle creates its credit reports by using information provided to us directly by organisations, such as lenders and local authorities. It works the same for other credit reference agencies too, although who they get information from and when might be different.

Financial Account Information: This will include your credit card and loan balances, as well as your history of repayment. You should check whether you need to cancel any unused store and credit cards here, as well as check that no one has opened a line of credit in your name.

Bank Account History: This may show when the account was opened or closed, and whether the account is behind on payments. Take the time to make sure you’re no longer financially linked to someone you might have shared a bank account with.

Mobile Phone Accounts:  A mobile contract is a line of credit that could help you build your credit history. Your credit report can display other accounts besides just mobile, such as electricity and gas bills, and any repayment contracts on other purchases, such as furniture.

Addresses: Check that your current address and previous address history are correct because if it’s incorrect the credit reference agency can’t properly match you to your credit information. Incorrect address information could also be a sign of identity theft.

Public data: Make sure you’re on the electoral roll so that lenders know that you have a valid address and have solid confirmation that you are who you say you are.

 

 

Student Loans: Lenders will only know you have a student loans if they’ve asked on an application and this is usually only so they can calculate your net earnings.

Council Tax Payments: Councils won’t report your council tax debt to credit reference agencies, even if it is taken to court.

Gender: Whether you’re male or female is not a viable identifier that could help lenders determine your financial behaviour. It is also discriminatory.

Criminal records: These will not be on your credit report, but there will be Country Court Judgements (CCJs) if you have any. CCJs are taken out by someone you owe money to and stay on your credit report for 6 years after they’ve concluded.

Sexual orientation: This is personal information that isn’t necessary to determine whether you’re good at paying back loans on time and, like gender, this is also discriminatory.

Salary: Your salary isn’t on your credit report either but lenders may ask for this information during the application process to assess your affordability.