Your Credit Report
Your credit profile is unique to you and contains incredibly important information such as your personal financial agreements, your levels of borrowing and bill paying record, as well as the addresses you have lived at and even whether you are on the electoral role. All of these things affect your credit rating.
When you apply for credit or loans, financial institutions will ask your permission to view this information. Based on the information they find, they can assess your credit worthiness, decide on the rate of interest you will pay or whether to agree to lend you money or not.
Your Credit Report is based on the information held on your credit profile so you can check for inaccuracies and decide whether any new activity you see there is suspicious, or has been legitimately authorised by you. Viewing this information early enough, allows you to act quickly and efficiently to stop any potential damage to your financial status, and protect yourself from other people fraudulently using your personal information.
Your Credit Score
Your Credit Score is based on the information in your Credit Report, which lenders may use to help evaluate the risks of lending money to you. It is contained within your Credit Report and is provided as an inclusive benefit as part of your PrivacyGuard membership.
Credit scoring is not only limited to banks. Mobile phone companies, insurance companies, landlords, employers and government departments all use the same techniques to base their decisions.
Your Credit Score is rated anywhere between 0-999. The higher your Credit Score the more likely you are to have an application accepted when borrowing money or buying goods on credit. Keeping an eye on your score gives you more control over the financial decisions you make in life, it can also help you to detect and deter identity fraud. If you notice any sudden movement in your score, this could indicate that someone is using your identity.
Your first Credit Report and Credit Score will be available once your application has been approved.
