Source: FSCL
A credit report is a record of a consumer’s credit history, such as information about credit applications (known as enquiries), open and closed credit accounts, payment defaults, and court judgments about unpaid debts.
Credit reports also include a credit score. This is a number between 0 and 1,000 that indicates how likely a consumer is to pay their bills and debts on time. The higher the score, the better the consumer’s credit rating is.
Credit reports are produced by credit reporters. They collect information about consumers from businesses such as banks, lenders, electricity and gas providers, phone and internet providers, and debt collectors.
If a consumer does not have a good credit history, it may impact on their ability to borrow money or to get goods and services on credit. It may also have other impacts on a consumer – for example, a landlord may want to check a consumer’s credit history before offering a tenancy on a rental property.
Financial Services Complaints Ltd (FSCL) encourage consumers to check their credit report each year to make sure it is accurate. Read more…