Call Credit is a Credit Referencing Agency in the UK
To understand and explain Callcredit, it is important to understand the role that credit reference agencies play in the UK, Callcredit being one of these. There are three major credit reference agencies in the UK. Callcredit plc is one of them, the largest being Experian and then Equifax. Call Credit information is also available via a multi agency report from CheckMy File.
- FREE 30-Day Trial
- All 3 Bureau Credit Reports
- £7.99 Per Month (after trial)
- 7 Free Credit Scores
- CCJ's, Defaults, Bankruptcy
- Identity Theft Assistance
- Customer Support
What is a credit reference agency?
A credit reference agency is an independent organization. Its primary function is to gather and hold information about consumers and businesses in order to help organizations decide whether to give them credit. Bearing in mind that thousands of transactions of this nature are taking place every day, it is essential for any lender to know that any money lent will be repaid.
Credit reference agencies do not make lending or borrowing decisions. They simply pass on information. Put simply, they hold the information that states whether you are a good risk to lend money to or if you are likely to default on your repayment. Having a bad credit history makes it very difficult, to obtain finance, a mortgage or a loan or enter into any financial agreement.
Credit reference agencies also play a major role in the fight against fraud and identity theft. Financial companies use their stored information in order to assist debt recovery.
The Callcredit Information Group is one of the major credit reference agencies in the UK, and works for the private individual as well as large companies in all fields where personal credit data is an issue.
Why you should credit check your own financial history
Callcredit offers free online credit reports so you can check your own credit history yourself. By accessing your own personal credit information, you will be able to see the same information that is available to your lender and others who may need this information.
Once you apply for credit, the first thing your lender will do is to check your credit history and use this information to make a decision. By knowing exactly what is on your credit report you can be confident that you will be able to present yourself in the best possible light to your lender. Many borrowers are uncertain whether they meet lending criteria and can be pleasantly surprised by their credit report.
Sometimes a credit report will show problems that you may be unaware of. For example, your name may be linked to someone who has defaulted on payment or has had a county court judgment against him or her. It may reveal that you have left an outstanding debt or an unpaid forgotten bill. You may even have been subject to identity theft without knowing.
By seeing exactly what is on display on your own online credit report, you are able to rectify these problems, pay off a forgotten bill and improve your financial history. If your name is linked financially to someone else, such as an ex partner, you can remove your financial links by downloading a disassociation form from the Callcredit website.
How do you get your credit report?
You have the statutory right to see all your personal credit information held by financial institutions and can get an instant credit check online by simply logging into the Callcredit website. Statutory credit reports cost £2 each and include comprehensive and detailed credit history. Callcredit is permitted under the Data Protection Act 1998 to charge you £2 for each request
Another option is to sign up to the Callcredit online credit reporting service. Here you will be allowed to access unlimited credit reports, a free credit score and advice about your credit rating and how to improve it. The online credit report service is free for the first 30 days as a trial period and then costs £12 per 3 months
Once you have established your login details with Callcredit check, you will be sent an email (alerts) if there are significant changes to your credit report including all applications for credit. made in your name.  This way you will be able to ensure that false applications have not been made &ndash an indicator of identity fraud.
This is a useful service and you can cancel Callcredit at any time so you are not locked into a binding agreement.
Identity theft, debt and fraud
Identity theft is a sadly too common problem today. Thousands of people fall victim to this each year and in many cases are unaware that their name has been used for fraudulent purposes. . If your name has been used without your knowledge for identity theft, all transactions, agreements and applications for credit that have been made in your name will show up in your credit report.
Callcredit PLC have a range of services that they offer to companies and private individuals in order for them to be able to minimize their losses and track down people who default on  payment..
Callcredit plc works closely with debt collection companies and has sophisticated monitoring and tracking tools at their disposal. The company processes over 2 million records per month through Call Trace, with a success rate of over 99%. This has proven to be a valuable tool in the fight against fraud and identity theft. Callcredit also provides a service helping those in the fields of debt recovery, fraud and identity fraud. This is a growing area as more and more people default on payments and use false identities to obtain credit.
Where does credit information come from?
Credit information comes from many sources but the two main information groups can be categorized as public information and credit account information.
Public information includes information taken from the electoral roll, such as names, dates and addresses and other public information including county court judgments, bankruptcy and insolvency hearings.
Credit account information also comes from a shared resource. Simply, all major UK lending organizations share information with each other about their customer&rsquos credit details. It benefits all lending organizations to identify bad risks, Callcredit and the other credit reference agencies are allowed to access this shared information and pass it on to other lending organizations.
All this information is easily accessed by an instant credit check, available to you and your potential creditors.
The Callcredit credit reference agency provides a valuable service for both borrower and lender and holds information about you that is crucially important for you to know about. Accessing your online credit report is the first step to building a healthier economic future.
The history of credit reference agencies
Credit reference agencies were first set up around 30 years ago but became widely used by lenders about 10 -15 years ago
Before the days of credit reference agencies and instant credit checks, lending and borrowing was a more haphazard process. Potential borrowers were asked a series of questions in face-to-face interviews before a loan or credit could be authorized. These included questions such as how much the borrower earned, whether he or she could afford the loan and how they intended paying the money back, and other details.
This was felt to be time wasting and inaccurate. Lenders still lent money to unsuitable customers and some people failed to get credit because despite being perfectly credit worthy they were unconvincing in the interview. By using a credit reference agency such as Callcredit, this process was streamlined and simplified. Lenders could receive a full credit reports about their potential borrowers and borrowers could be confident that with a good credit history, their loan was likely to be accepted.