Customer Enquiries 0161 464 3944 For Coronavirus (Covid19) help and support click here What are Credit Reports? Credit Reports & Ratings Explained Secured Loans > Our Loans > Bad Credit Loans > Credit Reports explained Anyone over the age of 18 who has ever secured credit will more than likely have a credit report. A credit report contains information about a person’s credit history. Details about mortgages, overdrafts, homeowner loans, mobile phone contracts, credit cards and some utility bills will be included. Lenders use credit reports as part of the assessment process when determining whether or not to approve a loan. The report provides them with a snapshot of how an individual copes with their finances. Lenders must have permission to view a credit report. They will use it alongside additional information to calculate an individual credit score. Lenders use the credit score and report to work out if they can offer a loan, how much it will be and the charges they will apply to the account. In principle, those who have an exemplary credit report may be offered lower rates of interest and their credit limits may be higher. What are credit reports? Anyone over the age of 18 who has ever secured credit will more than likely have a credit report. A credit report contains information about a person’s credit history. Details about mortgages, overdrafts, homeowner loans, mobile phone contracts, credit cards and some utility bills will be included. Lenders use credit reports as part of the assessment process when determining whether or not to approve a loan. The report provides them with a snapshot of how an individual copes with their finances. Lenders must have permission to view a credit report. They will use it alongside additional information to calculate an individual credit score. Lenders use the credit score and report to work out if they can offer a loan, how much it will be and the charges they will apply to the account. In principle, those who have an exemplary credit report may be offered lower rates of interest and their credit limits may be higher. The electoral roll register will provide a view of the applicant’s current name and address. It will also show details of any address they have lived at in the last six years. A credit report will list credit accounts the applicant holds. It will show whether or not repayments have been made and if they have been made in full. Details of any late or defaulted payments will also be included. Late or missed payments, bankruptcies, Individual Voluntary Arrangements (IVAs) and County Court Judgements (CCJs) will be listed, remaining on the report for six years. The report will list all those who have shared a financial connection with the report holder. Although there will be no details from the reports of financial associates, lenders may be entitled to review their reports also if it is deemed that their circumstances may impact the applicant’s ability to repay a loan. Where Does the Information Within a Credit Report Come From? There are two main sources of information for a credit report: firstly, information that is available publicly, such as details of court judgements and from the electoral roll; secondly, historical credit information, including loan amounts and details of repayment history, which lenders will often make available. This information may be shared when there has been a default, or updated monthly regardless of status. What Information Is Included in a Credit Report? A credit report typically contains details that will help lenders to assess how reliable a person is as a borrower. They will also use the information to check the identity of the applicant. It may contain the following things. Will my credit report be affected if I move house or change job? Prospective landlords and employers may request to see a credit report in order to assess the suitability of the applicant to rent a home or to take on a position of responsibility. Ensuring the report is in order is essential in making sure it does not impact negatively on employment prospects or being able to take on a new rental contract. Those wishing to apply for a new credit account should first check that their report is fully up to date. Incorrect information could affect the applicant’s ability to obtain credit. If the information is not accurate, it is important to apply to get the details corrected. One of the biggest problems today is identity theft. Criminals are using personal information to set up accounts fraudulently. Regular monitoring of a credit report will ensure that the holder is quickly alerted to any unusual activity and that issues are dealt with early on, before they spiral out of control. Warning: Late payment can cause you serious money problems. For help, go to moneyhelper.org.uk Latest News Why ‘kerb appeal’ really matters We’ve investigated what exterior features can make your home more attractive to prospective buyers, and even increase its value. We… Read More Credit Scores Around The UK We explore the regions that have the highest and lowest average credit scores Related news: House prices likely to soar… Read More The top myths about borrowing money The top myths about borrowing money (and how to stop your money concerns) The act of borrowing capital for it… Read More Evolution Money receives Feefo Platinum Trusted Service Award 2020 Evolution Money are delighted to have won the Feefo Platinum Trusted Service award, an independent seal of excellence that recognises… Read More THINK CAREFULLY BEFORE SECURING DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER LOAN SECURED AGAINST IT. 24.12% APRC Representative Variable Maximum APRC: Maximum APRC for loans greater than £12,514.00 is 58.37%. The maximum APRC is representative of Plan 7 based on a term of 12 months and a loan amount of £12,514. Typical Example: Loan Amount: £12,514.00, Loan Term: 144 Months, Interest Rate: 19.56% PA (variable), Monthly Repayments: £245.77, Total Amount Repayable: £35,391.52. This example includes a Product fee of £1,251.40 (10% of the loan amount) and a Lending fee of £699.00. Read about our Rates and Fees. IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING, YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY. *Loan must be paid back by 70th birthday FRAUD WARNING - We have been made aware that there have been websites set up using our details to attempt to scam people for money. Evolution Money Limited will never ask for application fees, insurance fees or a fee for not using a guarantor before issuing a loan. If you have come across a website using Evolution Money details that you believe to be suspicious, please contact us. If you believe you have been a victim of fraud, please contact Action Fraud How our customers rate us We’re proud of the high standard of our customer service and believe that each of our customers should be treated as an individual. Evolution Money 96 out of 100, based on 178 reviews over the past year. 178 user reviews. Read our reviews Members of the The Finance & Leasing Association We are a member of the FLA (Finance and Leasing Association) and subscribe to its lending code. Socialise Feeling social? Check out our social pages! Tweet us on Twitter Like us on Facebook Add us on Google+ Our Address Evolution Money, 9 Portland Street, Manchester, M1 3BE Registered Company Number: 06987852 Contact by Phone General Enquiries: 0161 814 9158 Complaints: 0161 814 9165 Contact by Email General Enquiries: info@evolutionmoney.co.uk Business Referrals: introducers@evolutionmoney.co.uk Complaints: complaints@evolutionmoney.co.uk Evolution Money Limited is a licensed credit broker and service provider to Evolution Lending Limited. If your application doesn’t meet the underwriting requirements of Evolution Lending Limited we may pass your information to other lenders and brokers. Evolution Money Limited is a company registered in England & Wales, registration number 06987852 and registered at 9 Portland Street, Manchester, M1 3BE. 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