Checkmyfile.com offer a few different products, some of which take in information from all three uk credit agencies, and some that are more limited in scope. We focus on the Multi-Agency-Report offered by Check My File UK. FREE TRIAL
- 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
UK Credit Report Overload Dealt With
In the UK there are 3 credit agencies, of varying importance to the average consumer. One of the challenges of trying to master you credit score and ensure that you get the best deals on credit, is that you need to do this for at least the top two agencies Experian and Equifax. The reason is that when lending decisions are made, the lender chooses which provider they will consult, so just fixing one doesn't ensure that you are covered. Call Credit, the smallest, is still significant, but not to the same extent as the largest two.
What makes Check My File's multi-agency credit reporting service so good is that it provides information from all three, which makes this (a) much easier to do and (b) cheaper. Cheaper by quite a bit. The monthly service costs just £7.99 a month after the 30 day free trial. That is a steal, but is it too good to be true? The answer is yes, and no. There are definite pro's and cons. You don't get all of the information you need, as you don't get your Experian credit score, and communication with the credit agencies isn't possible. This is very important if there is a lot wrong with your credit report, and lots of errors that need to be addresses.
However, what people seem to be doing is using the the Check My File monthly service as a central reporting tool to identify problems and monitor their progress across all reports. Then where there are problems that need to be fixed, users are signing up to the relevant agency directly to correct all of the mistakes in one hit, and then carry on using CheckMyFile to monitor progress. Check My File's multi agency report is a great tracking tool, and definitely something for the long term. As most of us need credit from the age of 20 to approximately 50, it is a solution that makes sense for the long term. Let's be honest, it is only £7.99 a month. If this is too expensive, you have bigger problems to focus on. If its not, then we think it's a tiny price to pay for this kind of on-going visibility.
No Access to Experian Credit Score
For some reason, and we suspect financial, the main Experian Credit Score doesn't seem to be included or available through Check My File. This can be a big downside, as if you want it you'll have to go to Experian directly in addition to CheckMyFile. Our feeling on this is that because you can track your credit report from Experian through CheckMyFile.com you can see whats going on. This combined with the fact that you have total visibility into the other 2 agencies, leaves us feeling like you may not need the Experian Score. Or more specifically that 50% of people wont. If you report is fairly healthy, and you are managing it well. If there are no major errors and your credit scores with CallCredit and Equifax are good, then chances are, your Experian score will be also.
It's only for people that are at the beginning of the journey, or that have more volatile or just poor credit scores, that will need access to the Experian score, and for those people both is the best option. You wont have to sign up to Equifax though, so the cost associated with Equifax can be switched to CheckMyFile. In these early stages or getting on track, the cost of Experian and CheckMyFile will be around £22 a month for the two, but given how serious the situation is at that point, this seems reasonable, and can be adjusted once you get on top of things.
Great Features of the CheckMyFile Multi Agency Reports
Because CheckMyFile include more data, there are some really cool reports within the interface that help you really start to understand what lenders care about when making that all important decision. We review each of the major features separately within Credit Geeks, but list them here. You can not only see whats on your credit report from each agency, you can compare and contrast them. This can be very enlightening:
- Check your Use of Credit over time
- 7 Different Credit Related scores
- Compare Credit Reports from each agency
- Track your payment History and predict when CCJ's will be removed from your credit-file
- Identity Theft Assistance
- Benchmark your score versus the rest of the UK population
- Monitor your available credit versus the credit you have used
- See who else affects you, and all of your financial affiliations
The underlying information is the same as you'd get from each credit-agency, because it comes from them. There are areas where the information you get through CheckMyFile is shallower than going direct, but this isn't a huge drawback, as the most important bits are all there. For 60% of people this will be sufficient, and for most it will be perfect for the tracking overall, with some info from different agencies depending on your circumstances.
In short, we welcome this product. It makes monitoring your credit file much easier, which encourages you to use it more and get the most out of it. It's cheaper than getting all three reports separately, and it includes your credit scores from Equifax and Call-Credit. In up-coming articles we will delve deeper into the features of the multi-agency report.