Credit Report
A credit report is a picture of your borrowing activity which enables lenders to work out your likely behaviour if they offer you a loan. If you have previously borrowed or got credit from a loan company or bank or store, then this fact will be contained within your credit report, along with whether your repayments were late or on time, if the debt has been paid off or avoided and so on.
Your credit report will help your lender determine the rate of interest they will charge you...the better the credit rating derived from the report, the better the rates of interest you will be charged.
Your report will be found at Experian or Equifax, the UK’s two main credit reference agencies and you also have the ability to approach them to amend your credit report if you feel it contains wrong or misleading information.
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