What is a statutory credit report?
A statutory credit report is a one-off credit report. It contains private and public information that lenders use to decide whether or not to give you credit. It plays a key role in the credit check process and as a consumer you have a right to see it.
When you apply for credit, the lender obtains a copy of your credit file in order to review your credit history - this helps them determine how much of a risk you are as a customer. Under the Consumer Credit Act 1974 you have the right to request a copy of your credit file from Callcredit for just £2 - a small price to pay to ensure you have a healthy credit history.
What information does it contain?
The £2 statutory credit report is a single snapshot of your credit status at the time the report is created and contains public and private data about your credit history. Its main features are:
- Your personal details
- Your financial links to other people
- Your presence on the electoral register
- Your credit accounts
- Any missed payments or defaults
- Search footprints on your file (up to 2 year agos)
It is advisable to regularly check this information as something as simple as an error in your personal details could make a difference when applying for credit. For example, if you move house and fail to update all your current credit accounts with your new address, it may not work in your favour in the eyes of the lender.
By reviewing your credit file you can also identify any accounts or changes to existing accounts which look suspicious. This may be a sign of identity theft. If this occurs you can contact Callcredit and we'll help you update your details and restore your credit file back to normal.
Why does it cost £2?
Under the Data Protection Act 1998, Callcredit is allowed to charge £2 for each statutory credit report request. This is a small fee that covers Callcredit's admin costs for processing the request and in exchange, lets you check the health of your credit file. Discovering errors on your file and correcting them could make or break whether a lender decides to give you credit.
Make sure you are one step ahead of the game by paying £2 to check what the lenders will see when they access your file and making sure it is in as good health as possible.Get your £2 Statutory Credit Report