CheckMyFile is a service, based in the UK, which offers access to credit reports drawing from data from the four main credit reference agencies:
- TransUnion (formerly Callcredit)
Let Think Plutus give you the rundown on everything you need to know about CheckMyFile. If you have any further questions, please don’t hesitate to contact us and one of our mortgage experts will give you the answers you need.
We are often asked if CheckMyFile is a good service. We’ve decided to provide this page of information to help you understand the benefits of this helpful tool. It is aimed at providing the most accurate, reliable report possible, so it uses a number of additional sources including:
- The Electoral Roll
- Registry Trust
- Building societies
- Telecoms agencies
- Other credit providers
CheckMyFile is a privately-owned company launched in 2000 and will never sell or pass on your data for marketing purposes.
What is the point of credit scores?
Credit scores help expedite the process of borrowing credit by providing lenders with a detailed pool of information about the level of risk associated with the prospective borrower. They can also minimise the possibility of errors. If you feel there is an inaccuracy in your credit report, you are entitled to dispute it. CheckMyFile even offers the facility to liaise with Credit Reference Agencies to help with the removal of any information in your report that is not correct.
What is a good score to have?
First and foremost, you should keep in mind that the scores a lender generates are based on their own criteria. This means that the score you receive will not be exactly the same, depending on the Credit Reference Agency involved. One may utilise a spring system with a range from 0-100 while another may use a scale that ranges from 0-1000.
Additionally, a score that a credit card company is happy with, for example, may not be satisfactory for a mobile phone service provider. In other words, a score that one lender deems to be high may not guarantee that you are approved by another. Think of your credit score as a tool that provides lenders with an overview of your financial situation and an indicator of how likely you are to repay a loan.
Different lenders will have different opinions depending on the factors they take into account, including your income, your employment type and your age.
How are credit scores calculated?
Credit scores are generated via the information on your credit file. This information is retrieved from a range of sources. Public sources like the Electoral Roll, Insolvency Information and the Register of Judgments are used to gather information about things like Individual Voluntary Arrangements (IVAs) and bankruptcy. Payment information is also gathered, covering things like credit cards, overdrafts, mortgages, loans and details of the number of times your credit score has been searched for by lenders.
What looks good on a credit report?
Generally speaking, positive information includes things like being registered to vote and having a good history of making repayments when you borrow will improve your credit history. This shows lenders that you are lower risk when you apply for credit.
What looks bad on a credit report?
The red flags that can lower your credit score include:
- Never having borrowed before
- Mortgage arrears
- Late payments
- Debt management plans
If you want to learn more about what lenders view as bad credit, we have more information elsewhere on our website. If you have issues with your credit, contact Think Plutus and our expert advisers can find you specialist lenders who are willing to consider lending to borrowers with bad credit.
How often does my credit report get updated?
A credit report from CheckMyFile doesn’t;t get updated in real-time. New information only comes into it once it has been received by the lender. The majority of lenders update their account information every month, including changes to your balance, your credit limits, and whether your most recent repayment was made on time. This means that it can look like your CheckMyFile account is not updating. Customers sometimes notice this when they are expecting to see evidence of a missed payment, so keep in mind it may not appear right away.
Additionally, credit referencing agencies update their databases separately. This means it is not uncommon for the information to differ, depending on the agency whose data you re looking at. This is why CheckMyFile collates information from multiple credit reference agencies in the UK, giving you a more comprehensive overview of what lenders are likely to see when they are making their decision about whether to approve your application for a loan, mortgage or another form of credit.
Do I have to pay?
If you are a new user of CheckMyFile, you can access a 30-day free trial to view your credit report from the four main reference agencies.
You can start your free trial anytime.
If you want to improve your credit score and keep track of how it changes over time, you may want to sign up for a longer membership. The subscription is £14.99 a month.
Cancelling your account with CheckMyFile
You can cancel your account with CheckMyFile at any time with the following steps:
- Login to your Credit Report
- Select ‘Expert Help’
- Chose ‘I need help with my account’
- Click ‘I’d like to stop my subscription’
You can also speak to a CheckMyFile representative by calling 0800 086 9360.
Is it worth signing up to CheckMyFile?
Think Plutus recommends registering an account with CheckMyFile as it is a great way to get an overview of your credit report. It’s always good to be aware of any issues that might prevent you from borrowing to inform your decision-making. CheckMyFile is quick and simple to use, pulling information from a number of reports so that you don’t have to check them individually. It gives you the most accurate overview possible of your credit profile.
Additionally, CheckMyFile can enable you to track fluctuations in your credit over time. You can see how different types of loan and other forms of credit will affect your overall report. You will also get access to advice and guides on how to build a solid credit history for various situations. This includes cases where never having borrowed before causes a low credit score, or even sever financial setbacks like bankruptcy or repossession.
Start your free trial
The specialist advisers at Think Plutus have a great deal of experience with credit reference agencies. We can help you get access to your free CheckMyFile trial and talk you through the various marks on your report. This will help you understand how lenders will assess you for a loan in the future and give you an idea of what you can do to improve your credit score over time.
Start your free CheckMyFile trial today.
Speak to an expert about your credit score
If you have any questions or concerns about your credit score you can speak to Think Plutus by calling us or filling out the contact form. Our expert advisers have a wealth of experience in assessing credit reports and working out strategies to improve them. Having worked with many clients on interpreting and improving credit reports, we have undoubtedly helped other customers in a similar situation to yourself. We can answer your questions and offer valuable insights drawn from genuine expertise.
Think Plutus is a whole-of-market mortgage broker, meaning our advisers have access to 10,000+ mortgage products from 100+ lenders, many of which are not accessible to the general public. We can help you find the best possible mortgage solution, removing the stress whilst saving you time and money, no matter what state your credit report is in. We’ll arrange an initial meeting for free with no obligation and no impact on your credit score and you can decide from there. To get real expertise in assessing and improving your credit report, Think Plutus.