Can Anyone Look at My Credit Report?

The quick answer to this question is, the only people who can look at your credit report is those you give permission to and yourself.

One question that may also rise is, who makes up my credit report? Who compiles the information and details that make-up a credit report?

Credit Bureaus

Credit reports are in essence databases comprised of information on us, and also information and details of any credit accounts we may have, or have had in the previous six (6) years.

Credit reports/history, are created by credit bureaus.

There are different credit bureaus throughout the world, and here in the UK we have three (3) credit bureaus:

* Equifax

* Experian

* Call Credit now Transunion

These credit bureaus gather data/information on us, that is reported to them by banks, lenders, insurance companies, and other agencies, to create a report or history of what accounts we have, and how we have paid those accounts.

The credit bureaus and lenders then take five (5) factors and create a credit score, a numerical score that is used to determine our credit worthiness, based on:

* Payment history 35%

* Account balances 30%

* Types of accounts we have 10%

* How long we have had credit 15%

* How often we apply for credit 10%

Our credit report, and credit score are important to know, and it is also important to know who may looking at it, and why.

You Need to Give Permission

Before anyone can view your credit history or credit score, you must give them permission, you need to sign a release, or verbally enter into an agreement for them to look at your credit report.

Obviously if you apply for a loan or credit card, then the lender is going to view your credit report and credit score. But there are some instances where you may not be aware someone is looking at your credit.

Employers: For some jobs, a potential employer may as a part of the hiring process wish to view your credit report. They will advise you of this, and you again need to give permission for them to do so.

The permission is usually implied and included in any application you may complete.

These views on your credit history, or “footprints” or inquiries, do not have a negative impact on your credit score, where as too many inquiries from lenders can bring down your credit score.

Some employers use credit ratings and scores as a way in vetting perspective employees.

Insurance: Some insurance companies for some insurance polices also use credit scores and view applicants credit histories as a part of underwriting or approving an insurance policy.

When You Don’t Need to Give Permission

There are times when someone may view a part of your credit report, and do so without your permission.

Credit bureaus give out lists of people whose credit scores fall within a certain group, pre-selected for credit, to credit card companies and others, so they can use this limited information to send out offers, and other promotional emails and letters.

These “soft” inquiries also do not affect your credit score.

Eligibility Checkers: If you are considering applying for a loan or credit card, using an eligibility checker for the loan I a great way to find out if you may be approved, and it also does not affect your credit score or show a footprint on your credit file.

Eligibility checkers are a soft inquiry, and while not a 100% guarantee you will be approved for the loan or credit card, are a good way to know with less doubt you will be approved.

Looking at Our Own Credit History

If we are going to allow others to look at our credit report, we should also view it ourselves and for good reason.

You need to be sure there are no mistakes, errors on your credit file, and the best way to do this is to look at it yourself.

It is FREE to get a copy of your credit file, and you should review it at best on an annual basis.

By correcting any errors, placing yourself on the Electoral Role, you can improve and increase your credit score.

And you looking at your credit history does not affect your credit score or show an inquiry.

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<strong>What is Our Criteria For Applying?</strong> 
Every lender on our website has their own specific criteria by the basics are mentioned below and you must have a guarantor to be eligible. Simply select the lender of your choice and you will be taken directly to their website where you can apply. You will be required to submit your details including:<li style=”text-align: center;” data-mce-style=”text-align: center;”>Name (must be over 18 as the borrow, 21 or 25 as the guarantor)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Residence (your chances will improve if your guarantor is a homeowner)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Employment status (must be employed or on a pension)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Income (earning at least £600 per month and able to make repayments)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Monthly expenses (not have too many loans open or in major debt)</li>
You will then be asked to include the details of your guarantor and as mentioned above, this is usually someone who you know and trust and wants to help you with your personal finances. Ideally, a guarantor with good credit will maximise your chances of being approved based on the idea of ‘if someone with good credit trusts you, well we can too.'<strong>How Much Can I Borrow From Guarantor Loans?</strong>Guarantor Loans gives applicants the chance to borrow £500 to £15,000 depending on the lender. Some lenders we feature like Buddy Loans only have a maximum loan value of £7,500 and TFS Loans is the only lender that stretches up to £15,000.Factors that can influence the amount you can borrow revolve around having a good guarantor. One that is a homeowner, with solid employment, income and good credit rating will maximise your chances of borrowing the largest drawdown possible.The lenders featured on Guarantor Loans see a homeowner as someone who has already gone through the rigorous process of credit checking and affordability and if they can afford a house, they should be able to act as a guarantor for you.By comparison, having a guarantor that is not a homeowner offers slightly less security and means that amount you can borrow is slightly less too.Higher amounts may be available to those who already have a better than average credit rating, are homeowners themselves and a repeat customer with the lender who has already paid their loan on time. To apply directly with your lender of choice see <a href=”” data-mce-href=””>direct lenders</a>.<strong>What Does The Guarantor Have To Do?</strong>Upon completing an application, the lender will typically send you a <a href=”” data-mce-href=””>pre-contract loan agreement</a> and SECCI (Standard European Consumer Credit Information form) which will highlight the terms of your loan. You and your guarantor will be required to review the terms of the loan, including the loan drawdown, fees, repayment dates and responsibilities – and this can be signed via an online verification process using your email and mobile phone.The lender will usually carry out an individual phone call with you and your guarantor to ensure that you both understand the responsibilities and what is required of you – notably that if you cannot make repayment, your guarantor will be required to pay on your behalf. Further to some additional credit and affordability checks, funds can typically be transferred within 24 to 48 hours (or sometimes on the same day).<strong>Are Guarantor Loans Available For Bad Credit Customers?</strong>Yes, even if you have a history of adverse credit, <a href=”” data-mce-href=””>CCJs</a>, bankruptcy or IVAs several years ago, you can still be eligible. The idea is that you are using your guarantor and their financial history to ‘back you up’ and give your loan extra security. However, it is noted that your guarantor should have a good credit score and consent to co-signing your loan agreement.<strong>How Soon Can I Receive Funds?</strong>Guarantor Loans works with lenders that can facilitate funds within 24 to 48 hours of approval, or sometimes on the same day.When your funds are successfully transferred, most lenders working with Guarantor Loans will send the full amount to the guarantor’s debit account first. This is a standard security measure carried out by lenders to ensure that the funds are going to the right person and confirms the involvement of the guarantor. The guarantor usually has a ‘two week cooling off period’ where they can decide to pass on the money to the main borrower or they can change their mind and return the funds with no extra charges.