Experian

Experian is the largest credit referencing agency in the UK.

Whenever you apply for finance, there is a good chance that Experian is involved in the decision making process. Experian, like all credit reference agencies, maintains a ongoing record of financial relationships. Every applications that they provide input into, and every on going financial agreement that is currently live, they retain information on. In addition to this, the credit report, or credit histories that Experian retains include information like electoral roll details, and specific information around the applications that are processed using Experian information.

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One critical piece of information, is an address history. This can be used in many ways, but the main use of this is to verify that you are, who you say you are, and that you live at the address you say you do.

In an effort to reduce fraud and identify theft, banks rely upon a number of pieces of information to ensure that the person requesting finance, is the person they claim to be. Once this is established, it is up to the credit agencies to provide recent and timely information that enables lenders to make a decision about whether to lend to you. The basic questions that are being asked as part of this process are:

  • Is this person who they say they are?
  • Do they have a history of borrowing and paying off debt?
  • Do they have any County Court Judgements (CCJ's) against them?
  • Do they have existing positive financial relationships?
  • Can they afford to borrow and pay back this sum over this term?
  • How much risk is involved in lending to this person right now?

From a consumer perspective it is also worth noting, that the credit reference agencies have an obligation to us, to have up to date information, so that lenders can make accurate decisions.

The information held by Experian enables lenders to answer these decisions very quickly. As long as you have acquired finance in the past, and can honestly provide positive answers to the above questions then your credit score should be relatively healthy. The degree to which the above is not true, will correlate with the degree of a negative score.

If you are unsure of your current credit score, the contents of your credit report or have recently been refused credit you think you should have been approved for, check your Experian Credit Report and make sure that everything is correct and in order. You can then read more on how to improve your credit score on our site.

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