Credit Reference Agencies
Nobody has the right to credit. Before giving you credit, lenders such as banks, loan companies and shops want to be confident that you can repay the money they lend. To help them do this, they may look at the information held by companies called credit reference agencies.
Credit reference agencies collect and store information about everybody’s financial situation. They provide information to lenders, for example, banks and credit card companies. The lender uses this information together with the information given by you on your application to decide whether or not to give you credit.
If you are in debt or have missed payments to any creditors then the credit reference agency will hold this information and you may find it difficult to get credit.
Credit reference agencies hold details of:
• The Electoral Register
• Your credit agreements, including balances and your payment history
• Home repossessions
• Court judgements for non payment of debt
• Bankruptcy orders
• Previous credit checks carried out on you
The Money Advice Service explain how to check your credit rating
What should I do if my credit file is inaccurate?
If your credit file is inaccurate, you can raise your concerns with the credit reference agency. However, the problem may lie with the original lender or organisation that supplied the agencies with their information and you may need to contact them instead.
In most cases these issues should be speedily resolved, but in those cases where there is an obvious inaccuracy and it's not corrected, the ICO may be able to help. The ICO is an independent authority set up to uphold information rights in the public interest.
Before you complain to the ICO
First, write to the organisation concerned and give it an opportunity to put things right. Many problems can be solved quickly without the ICO getting involved. You can call the ICO helpline on 0303 123 1113 for advice to help you to solve the problem.
The three main credit reference agencies are:
Experian Ltd
Consumer Help Service
PO Box 8000
Nottingham
NG80 7WF
Tel: 0870 241 6212
Equifax plc
Credit File Advice Centre
PO Box 1140
Bradford
BD1 5US
Tel: 0870 010 0583
Callcredit Information Group
One Park Lane
Leeds
West Yorkshire
LS3 1EP
Tel: 0845 366 0071
For free advice click here to search our database of advice centres across Glasgow or call the GAIN Helpline on 0808 801 1011. Calls are free from land-lines and mobile numbers.
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