Understanding your credit report

Ahead of Talk Money Week - which starts on Monday, November 3 - we have focused on some of the most common questions we get around credit and credit reports.

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Remember, you can still book an appointment for free help and advice on money or benefits by booking at www. advicerenfrewshire.youcanbook.me or calling Renfrewshire CAB on 0141 889 212, or Advice Works on 0300 300 1238.

What is a credit report?

A credit report is a detailed summary of your financial history kept by the three main credit reference agencies - Experian, Equifax and TransUnion.

You can view your own report for free from any of them.

When you apply for credit, such as a loan, mortgage or credit card, lenders review your credit report to assess how likely you are to repay what you borrow.

This helps them decide whether to approve your application and what interest rate or credit limit to offer.

Your credit report contains information on the following:

Your existing creditors.

How much you owe your creditors.

Whether you have made payments on time or late.

Default history.

If you have been made bankrupt or entered into a Debt Arrangement Scheme.

Address history.

Can lenders see my credit score?