Experian Credit File Explained
Experian is a leading global information services company, operating in more than 90 countries worldwide. The company helps businesses to manage credit risk and prevent fraud, using automated decision making (credit checking). However Experian also helps individuals to check their own individual credit report and credit score, to help protect them against identity theft and allow them to view information provided to potential lenders when applying for credit.
To see a copy of your credit file, simply write to Consumer Help Service, Experian Ltd, PO Box 9000, NG80 7WP. Supplying name, Date of Birth, Address history for last 6 years and enclose and enclose a cheque or postal order for £2, made out to Experian. Checking your own credit file is important to ensure there are no mistakes or erroneous information which could cause credit applications to be rejected incorrectly. The information supplied in the report is comprehensive and is broken down into the following main points: -
Aliases - Any other names you are, or have been, known by.
Associations - An association is a joint financial link you have with someone (often spouse or partner) Details of the person you are financially linked to are displayed.
Court judgements, bankruptcies and voluntary arrangements - full details of any CCJ's, bankruptcies or IVA's for all parties linked are listed. (court judgements are held on file for six years, bankruptcy and voluntary arrangements information for six years)
Credit account information - Details of all credit agreements are listed with details showing whether you have made payments on time in the past. A record of payments going back 36 months will be displayed and payments over the last 12 months are shown in detail.
Repossessions - If you have had a property repossessed, this will be shown on your credit report with details including the date repossession and any amounts outstanding relating to the repossessed property.
Previous searches - A record of organisations who have searched your report as a result of an application for credit for the last 12 months.
Financial associate searches - When someone you are financially linked to has made a credit application and your credit report has been seen by a lender as a result.
Previous and forwarding addresses - Addresses and previous address history is linked in this section.
GAIN information - GAIN is a network which lenders use to share information on customers with debts who have moved home without giving a new address.
Notices of Correction - A Notice of Correction is simply an explanatory note of up to 200 words which you can add to an entry on your credit report to explain any special circumstances.
To add a Notice of Correction to your report visit www.experian.co.uk or write to them at Consumer Help Service, Experian Ltd, PO Box 9000, NG80 7WP.