Credit referral firms used to make all their money from offering data to lenders. The concept was to assist lending institutions anticipate your future spending behaviour, which allowed them to examine whether you were a good individual to provide to.
There are 3 credit referral agencies, Equifax, Experian and TransUnion (previously Callcredit), and they all hold information on you which loan providers use. Even little errors can cause issues, so it's important you check through your credit report. Many of this is discussed in information in our How to Increase Your Credit Ranking guide, however below is a fast list.
If you're doing a specific application for a business and you understand which credit reference company it uses, it's undoubtedly a top priority to check that one. However as a general housekeeping rule we recommend you examine all 3 credit reports a minimum of when a year, due to the fact that they all have an effect.
Do not fret about over-checking your credit report. Your checks aren't tape-recorded on the report, and it's something that just you and the credit referral agency will understand about. Inspect EVERY detail and do it regularly. PLUS constantly inspect before making any big applications to minimise your risk of rejection.
The statutory report contains your personal details, info on monetary links to other individuals, whether you're on the electoral roll, the charge account you have, any missed out on payments or defaults, and a list of other current searches of your credit report (though these only remain on your apply for an optimum of one year). All 3 credit recommendation firms will supply you with a statutory report: Equifax, Experian and TransUnion.