Credit & scoring
Understanding your credit score
What your credit score actually means, how it's calculated, and the steps you can take today to improve it — without gimmicks.
6 min read → Credit
How to read
your credit report
A section-by-section guide to everything on your UK credit file — what each part means, what to look for, and exactly what to do when something is wrong.
9 min read • Cash Train editorial team
The key facts upfront
- You have a legal right to a free statutory credit report from all three UK credit reference agencies under UK GDPR
- Checking your own report is always a soft search — it has zero impact on your credit score
- There are three agencies in the UK — Experian, Equifax, and TransUnion — and lenders report to them independently, so your reports will differ
- Research suggests a significant proportion of credit files contain at least one inaccuracy — checking yours costs nothing and errors can be fixed
Why the three agencies show different things
The UK has three credit reference agencies — Experian, Equifax, and TransUnion. There is no single central database. Each agency holds its own copy of your credit history, and lenders choose which agencies to report to and which to check. Many lenders report to all three; some report to only one or two. This means your file at Experian may show a credit card that Equifax has no record of, and vice versa.
The numerical score each agency assigns you is also different — they each use their own scale and formula. A score of 600 at TransUnion is not comparable to 600 at Experian. For this reason, you should pay far more attention to the underlying data on your report than to the number.
Worked example — Sarah, Manchester
Sarah applies for a personal loan and is declined. She assumes her Experian report must be clean because her ClearScore (Equifax) score looks healthy. She pulls her TransUnion report via Credit Karma and finds a default registered by a mobile phone provider she had forgotten about — the provider only reports to TransUnion. The lender she applied to used TransUnion and saw the default immediately. Her Equifax and Experian files show no such entry.
The lesson: Always check all three agencies before applying for significant credit. You can get all three for free — there is no reason not to.
The main sections of your credit report
Regardless of which agency you use, your credit report will contain broadly the same categories of information. Here is what each section contains and what you should specifically look for.
Personal details
Your full legal name, date of birth, and all addresses you have been linked to — current and historical. This section also shows whether you are on the electoral roll at your current address.
What to check
- Name spelled correctly and matching your ID documents
- Current address is accurate — an outdated address can cause confusion for lenders verifying your identity
- No old addresses you don't recognise (which could indicate identity fraud)
- Electoral roll status shows as registered — if it doesn't, register at gov.uk/register-to-vote immediately
Electoral roll
Shown separately on some reports, this confirms your name and address are on the local government electoral register. Being on the roll is one of the most straightforward positive signals you can give lenders — it confirms you have a stable, verifiable address.
What to check
- Confirm your current address is shown as registered
- If you have recently moved, re-register at your new address promptly
- If you are not a UK citizen and cannot register, consider adding a Notice of Correction to your file explaining this
Credit accounts
A list of every credit account associated with you in the last six years — credit cards, personal loans, mortgages, overdrafts, store cards, car finance, and buy-now-pay-later agreements. For each account the report shows the lender name, account type, opening date, credit limit or original loan amount, current balance, and account status (open, closed, settled, defaulted).
What to check
- Check every account is genuinely yours — unrecognised accounts may indicate fraud
- Closed accounts should show a status of "settled" or "closed" — not "open"
- Balances should be approximately correct (some lag of a few weeks is normal)
- Credit limits should reflect what you were actually given
- No accounts in default that you believe were paid — defaults sometimes persist after settlement
Payment history
The most important section for most lenders. For each account, you will see a month-by-month payment grid going back up to six years. Each cell shows whether you paid on time (usually shown as a green tick or "0"), paid late by one month ("1"), two months ("2"), and so on, or whether a payment was missed entirely. A default is recorded when a lender considers the account unrecoverable — typically after three to six consecutive missed payments.
What to check
- Any late payment markers you believe are incorrect — even a single "1" can affect lending decisions
- Defaults you don't recognise or believe have been repaid — request a "Notice of Satisfaction" if paid
- Whether payments are being reported accurately for accounts you currently hold
- The date a default was registered — this determines when it drops off (six years from that date)
Public records
This section contains information from public court and insolvency registers — County Court Judgements (CCJs), Individual Voluntary Arrangements (IVAs), Debt Relief Orders (DROs), and bankruptcies. These are serious adverse markers that remain on your file for six years from the date they were registered. A CCJ that was paid in full within one month can be set aside; one paid after that can be marked "satisfied" but remains visible.
What to check
- Any CCJ you do not recognise — these can arise from old utility debts sent to court without your knowledge
- Whether a paid CCJ is shown as "satisfied" — if not, apply to the court for a Certificate of Satisfaction
- The registration date — this determines the six-year drop-off
- Incorrect insolvency entries — these can arise from clerical errors in court records
Searches
A log of every organisation that has accessed your credit file, divided into hard searches (full applications) and soft searches (eligibility checks, your own checks, and lender marketing). Hard searches are visible to other lenders and remain on your file for up to two years. Soft searches are visible only to you. Multiple hard searches in a short period can signal financial stress to lenders.
What to check
- Any hard search you do not recognise — an unrecognised hard search could indicate someone has applied for credit in your name
- A cluster of hard searches you have made yourself — if there are many in a short window, consider spacing future applications
- Check the dates: hard searches lose most of their impact after 12 months and drop off after two years
Financial associations
Anyone you share a joint financial product with — a joint bank account, a joint mortgage, or a joint loan. This is called a financial link. When you have a financial link, lenders may take the other person's credit history into account when assessing you. Financial links do not arise from sharing a household, splitting bills, or being married — they only arise from joint accounts and joint credit.
What to check
- Any associations with people you no longer share finances with — for example, an ex-partner
- If a link should no longer exist, close all joint accounts first, then submit a financial disassociation request to each CRA
- Unrecognised associations — which could indicate identity fraud
How to raise a dispute
If you find an error on your credit file, you have a legal right to have it corrected under UK GDPR (Article 16 — the right to rectification). The process is straightforward but requires you to follow it in the right order.
1
Gather your evidence
Collect anything that supports your position — a settlement letter, bank statement showing payment, court certificate, or correspondence with the lender. A dispute without evidence is harder to resolve.
2
Contact the lender first
In most cases it is faster to contact the original lender (the company that reported the data) rather than the CRA. The lender is the data controller — the CRA can only remove or amend data if the lender instructs them to, or if the lender does not respond within the required timeframe.
3
Submit a formal dispute to the CRA
Each CRA has an online dispute process. Submit your dispute in writing, attaching your evidence. The CRA must acknowledge your request and complete its investigation within 28 days under the Consumer Credit Act.
4
Escalate to the FCA / FOS if needed
If the CRA or lender refuses your correction request and you believe they are wrong, you can complain to the Financial Ombudsman Service (FOS). The FOS is free to use and its decisions are binding on lenders regulated by the FCA.
5
Contact the ICO for data protection issues
If the dispute involves a breach of your data protection rights — for example, the CRA is refusing to comply with a valid rectification request — you can complain to the Information Commissioner's Office (ICO). The ICO can investigate and take enforcement action.
6
Add a Notice of Correction
If a dispute cannot be fully resolved but you want future lenders to know your side, you can add a Notice of Correction to your file — a short statement (up to 200 words) that lenders must read before making a decision. This does not remove the entry but gives you a right of reply.
Worked example — James, Birmingham
James checks his TransUnion report and finds a credit card account he never opened, with a balance of £1,800 and two missed payment markers. He suspects fraud. He follows this process:
- CRA dispute: He files a dispute with TransUnion, marking it as a fraud concern. TransUnion places a CIFAS protective registration on his file while investigating.
- Lender complaint: He contacts the card issuer directly with a formal fraud complaint. Under FCA rules they must respond within 8 weeks.
- FOS referral: The lender is slow to respond. After 8 weeks with no resolution, James refers the case to the Financial Ombudsman. The FOS investigates and directs the lender to remove the account and compensate James for distress.
- ICO complaint: Separately, James complains to the ICO about TransUnion’s delay in processing his rectification request. The ICO issues guidance to the CRA on compliance timelines.
The entire process took approximately four months. James’s file was fully corrected and the fraudulent account removed from all three CRAs.
Where to get your free reports
You are entitled to a free statutory credit report from each agency. You can also access your report via third-party platforms that present the data in a more readable format, often with ongoing monitoring included at no cost.
Experian
Free account at experian.co.uk — live report with ongoing updates
Statutory report (free, one-off snapshot) also available at experian.co.uk/statutory
Experian is the largest CRA in the UK and is used by a high proportion of mainstream lenders.
Equifax
Free report via ClearScore (clearscore.com) — updated weekly, includes score tracking
Statutory report direct from Equifax at equifax.co.uk
ClearScore is a free consumer platform powered by Equifax data and widely used in the UK.
TransUnion
Free report via Credit Karma (creditkarma.co.uk) — updated weekly
Statutory report direct from TransUnion at transunion.co.uk
TransUnion was formerly known as Callcredit. Credit Karma is the main free consumer platform.
Tip: use CheckMyFile to see all three at once
CheckMyFile (checkmyfile.com) aggregates data from all three CRAs into a single report, making it easy to compare what each agency holds. It offers a 30-day free trial and costs £14.99 per month thereafter — cancel before the trial ends and it costs you nothing. If you only do this once, the trial period is sufficient to download and review your full multi-agency report.
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Common questions
FAQ
The three main UK credit reference agencies — Experian, Equifax and TransUnion — all provide free access to your statutory credit report. You can also use free services like Credit Karma (TransUnion data) or Clearscore (Equifax data) to monitor your file on an ongoing basis.
Your report contains your personal details, electoral roll status, open and closed credit accounts (with payment history), any defaults or CCJs, any financial associations (e.g. joint accounts with another person), and a record of credit searches made against your file in the past two years.
Look for any accounts you do not recognise (potential fraud), any incorrect late-payment markers, any outdated information (defaults over six years old should have dropped off), and any financial associations with people you are no longer financially linked to. Errors can be disputed directly with the credit reference agency.
Checking your own report is a soft search with no effect on your score — you can check as often as you like. Before applying for any significant credit (a loan, mortgage, car finance), it is wise to review all three agencies' reports and resolve any errors first.
Know your file. Borrow with confidence.
Apply online with Cash Train — we use a soft search only at the quote stage, so checking your rate never affects your credit score.
Apply now →Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk