Consumers now have instant access to their credit reports after an agreement was struck between the Government and the credit reference industry.
As a result of the new agreement, people can now access their statutory credit report online for a nominal fee of only £2 from all three major UK credit reference agencies: Experian, Equifax, and Callcredit. Previously, statutory credit reports for £2 were only available by post, which could take seven days to arrive.
An individual credit report contains information such as credit commitments and any late payments. In addition, continued free access to credit reports for victims of ID fraud and the financially vulnerable has also been introduced.
Anyone thinking of taking out finance in any form, whether it is a credit card, mortgage or bridging loan should be aware of what information is on their credit report, and this is a great way to find out for just £2 – or £6 if you check all three.
Consumer Minister Edward Davey said
“All consumers now have easier access to their £2 statutory credit reports, with victims of ID fraud and the financially vulnerable receiving free access to their reports. These significant improvements will help consumers take better control of their finances.”
Peter Vicary-Smith, Which? Chief Executive, said
“the move should provide quicker and more convenient access for consumers to their credit file, and could encourage more people to check their file more regularly. This is a welcome initiative in the battle against fraud and the elimination of faulty data,”
The reports can be accessed from each of the three providers:
A word of caution, all of the above providers are trying to sell a continuous subscription service in one form or another. The statutory report should be a one-off payment of £2 – if you’re signing up for anything else then you may have clicked the wrong “button”.