Getting Your Credit Report Right
Reader's Digest UK|May 2021
This month, Andy Webb offers expert practical advice on the tricky subject of credit reports
Andy Webb
Getting Your Credit Report Right

A DECENT CREDIT report isn’t just nice to have, it can save you huge amounts of cash. The better your credit history, the better deals you’ll be able to access—from lower rates when remortgaging through to more time at 0% when transferring credit card balances.

In fact, your credit report is checked any time you want to borrow money, which includes getting an overdraft, switching energy and if you pay for insurance monthly. And any mistakes or missing data could result in your application getting rejected.

Fortunately, it’s really simple to check your reports, and it won’t cost you a penny. Here’s how to do it, plus a few simple steps you can take to help improve them.

The difference between credit scores and credit reports

Often you’ll hear these two terms used interchangeably, but they aren’t the same thing. Your credit report is the record of the times you’ve applied for credit, how much you owe and how you’ve paid off previous debts.

This is an important part of what lenders use when considering whether they want you as a customer. But it’s not the only factor. The details you put in your application can make a huge difference too, and they might already have their own data on you from previous accounts.

This story is from the May 2021 edition of Reader's Digest UK.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.

This story is from the May 2021 edition of Reader's Digest UK.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.

MORE STORIES FROM READER'S DIGEST UKView All
Culinary Grandes Dames
Reader's Digest UK

Culinary Grandes Dames

Paola Westbeek celebrates the women who have influenced her journey in gastronomy-from Elizabeth David and Julia Child to Nigella Lawson

time-read
3 mins  |
March 2024
My Britain: Winterton-on-Sea
Reader's Digest UK

My Britain: Winterton-on-Sea

WITH A BEAUTIFUL BEACH on one side and the Norfolk Broads on the other, Winterton-on-Sea is a lovely little village with a big heart.

time-read
5 mins  |
March 2024
Under The GRANDFLUENCE Prince Stash
Reader's Digest UK

Under The GRANDFLUENCE Prince Stash

From aristocratic, eccentric friend of Sixties rockstars to TikTok sensation

time-read
3 mins  |
March 2024
Steve Conte: If I Ruled The World
Reader's Digest UK

Steve Conte: If I Ruled The World

Steve Conte is a musician known for his memorable guitar work as a member of New York Dolls, as well as his collaborations with Japanese composer Yoko Kanno on the soundtracks to several hit anime series

time-read
3 mins  |
March 2024
My Great Escape: Rome, The Eternal City
Reader's Digest UK

My Great Escape: Rome, The Eternal City

Our reader Barbara Hull takes a Hollywood-inspired trip to Rome and reveals that some wishes really do come true

time-read
2 mins  |
March 2024
BOTANIC GARDENS OF THE WORLD
Reader's Digest UK

BOTANIC GARDENS OF THE WORLD

Tales of extraordinary plants, botanical history and scientific discovery

time-read
4 mins  |
March 2024
THIS BACON FAKERY MUST STOP
Reader's Digest UK

THIS BACON FAKERY MUST STOP

I WAS RECENTLY given bacon-flavoured dental floss for my birthday. My first question was: who the hell gives dental floss as a gift? My second question was: has bacon gone too far?

time-read
2 mins  |
March 2024
GOOD NEWS FROM AROUND THE WORLD
Reader's Digest UK

GOOD NEWS FROM AROUND THE WORLD

Meet the Crufts competitors who changed their owners' lives completely

time-read
1 min  |
March 2024
HOME AT LAST!
Reader's Digest UK

HOME AT LAST!

A cat missing for ten years, a dog who disappeared during a wildfire, and more heartwarming true stories of pets who were lost then found

time-read
10+ mins  |
March 2024
New Love Lexicon
Reader's Digest UK

New Love Lexicon

Do internet terms help or hinder healthy romantic relationships?

time-read
2 mins  |
March 2024