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What is recorded on your credit file?

Posted on 09/11/2016

Following up from our blog on improving your credit score, we wanted to clear up what is and what isn’t recorded on your credit report. It can be hard to know what exactly is reported on your credit record so we have the low down on everything you need to know.

 

What is recorded on your credit report

Missed or late payments: If you miss a payment or make a late payment on a credit agreement it will show on your credit record. This can be anything from a credit card, a loan, mortgage or overdraft.

Whether your home has been repossessed: If a lender has taken action and repossessed your home, this will be visible on your credit file. Whilst the majority of your records will remain on your credit file for 6 years, repossession will stay on your record for 7 years.

Court records: Any County Court Judgements will be visible on your record and will negatively affect your score. A County Court Judgement can be issued if you don’t repay your debt or keep up payments to a company.

Bankruptcy: If you are declared bankrupt it will remain on your credit file for 6 years even if you have been discharged.

What isn’t recorded on your credit report

Mobile phone contract: Your repayments on your mobile phone won’t show on your credit report so it isn’t possible to build up good credit this way. Unfortunately, if you miss payments or it defaults it will show up on your file and will negatively affect your score.

Gas, electricity and water bills: You might be surprised to know that not all companies will report to credit reference agencies. It is important to note that some do and if you fall behind on payments it can have a negative affect on your credit score.

Rent: Typically landlords don’t report to credit reference agencies however it is still possible to build up good credit if they report your payments. Landlords will usually carry out a tenancy check before you move into a property however they only have access to publicly available records.

Council tax: Currently the council don’t report tax payments to credit reference agencies and even if you fall into arrears, if it goes to court the matter will be a criminal matter not a civil one. Any fines that would be imposed by the Magistrates wouldn’t be reflected on your credit file either.

Pre-paid credit cards: Pre-paid credit cards won’t show on your credit file as you aren’t borrowing money or repaying anything. If you need to build up credit and can’t get a credit card or loan, consider taking out a credit builder pre-paid card instead.

Registered with Information Commissioners Office ICO Registration Number: ZA132327

UK Car Finance Limited. Registered in England
Registered number 9397657.
Registered Office Lakeside House, 30 Northumbrian Way, Newcastle Upon Tyne, NE12 6EH

Refused Car Finance is a trading style of UK Car Finance Limited and is acting as a licensed credit broker and a lender, we are authorised and regulated by the Financial Conduct Authority, registration number 714966. All finance is subject to status and income. Applicants must be 18 or over, terms and conditions apply, guarantees and indemnities may be required.

Written quotations on request. Certain exclusions for NI residents.

Note: We cannot be held responsible for specification errors, and price errors, we use Motortrade software which is not always 100% accurate. Copyright 2017 Refused Car Finance.

Refused Car Finance can introduce you to a limited number of finance providers based on your credit rating and we may receive a commission for such introductions.

*Representative Example
Cash price – £8,500.00, Deposit – £0.00, Amount of credit – £8,500.00, Rate of interest – 16.24% per annum, Amount of interest – £6,912.00, Lender Documentation fee – £0.00, Lenders option to purchase fee – £10.00, Total charge for credit – £6922.00, First repayment – £256.70, Followed by 58 Monthly repayments of – £256.70, Final repayment – £266.70, Total amount payable – £15,412.00, Representative APR – 29.9%

*Last month, over 51% of Refused Car Finance customers that had their loan arranged were offered an APR of 29.9% or lower

In the first 3 months of this year, UK Car Finance Ltd received 2140 unique applications, of which we were able to offer 2136 applicants a line of credit, subject to the applicant being able to provide acceptable proof of affordability, being free from insolvency and or/a supporting guarantor fitting the lenders eligibility criteria, this represented 99.8% of applicants in this period.

Rated No.1 for car finance in the North East of England collated from Google Business Reviews