Tag Archives: Experian credit report

Buying a car? The young want them new – and leased

car-buying-18-24-years-600How much did you spend on your first car? Many of us will have handed over a few hundred pounds at most just to get our young hands on a car of our own, even if it had seen better days and was hardly the most prestigious car on the road.

Well, things have changed these days, with a generation gap when it comes to car-buying habits.  One in five 18-24 year olds, rather than buying a used and fairly old car, now chooses to lease their car. This is more than double any other age group, with just 5% of 41-45 year olds, and 6% of 46-50 year olds choosing this type of credit.*

Older people – those who may have started with a relative old banger – are more likely to use cash or savings – up to 70% amongst those aged 61 and over. Meanwhile younger drivers appear to be taking advantage of affordable credit deals to skip a step, and move straight up to newer, more desirable models. Continue reading

Is your credit report missing information?

By Neil Stone, Experian UK social support team

credit-score-report-history-300x200I’ve been looking to get some improvements done around my home lately. The kitchen has been looking a bit tired so I was thinking about getting a loan to cover the cost.

Before I even contacted my bank, I checked my credit report to make sure that all of my accounts that I expected to be showing were on the report. The more information a lender can see the better picture they will have of my credit history. If you have well run accounts then you want to be sure the lender can see them!

There are times though, when information that you might be expecting to show on your report doesn’t appear. Continue reading

What is a Soft Credit Check?

Soft Credit SearchesA soft credit check, or soft credit search, is an inquiry that occurs when a person or company checks your credit report as a background check. Instead, it looks at key pieces of information to check an individual’s credit worthiness, so that lenders can assess whether the individual will be successful in applying before carrying out the full examination of a credit report.

When a lender searches your credit report, they’re looking to see how you manage your credit now, and how you’ve managed it in the past. This search is then recorded on your credit report for future lenders to see. This is useful to lenders because if you’ve made a lot of applications for credit recently, it could suggest to them that you have an urgent need for credit which you may struggle to pay back. Continue reading

I’ve registered to vote – how long to update credit report?

By Neil Stone, Experian UK social support team

Thinking of applying for credit in the near future?  Then now is the time to make sure you are registered on the Electoral Roll!

Lenders will often use the electoral roll information on your credit report to help confirm your ID when you apply for credit. If you are not registered they may ask for further documents or even turn down an application completely.

Check credit report

So how long will it take after you have registered?
It will actually depend on the time of year.  From December to August local authorities publish a monthly register, known as a rolling register.

We get the rolling registers each month and update the information on reports as quickly as we can. Continue reading

How to keep your ID safe when you’re on holiday

Do you try and protect yourself from the sun when you’re away?  Similar steps can help protect you and your family from identity theft.


Check out our video with guest Michelle Highman , Chief Executive of The Money Charity

It’s best not to carry things with you that you don’t need, as handbags and wallets often contain lots of items containing information that can identify you personally that you just won’t need on holidays.  Fraudsters just love these! Some examples are bills, receipts, out-of-date driving licences and medical prescriptions.  Continue reading

Online identity fraud: what you need to know

locked-laptop-300What is it?  Once criminals have enough of your personal details, they can apply for credit in your name and run up debts without you knowing.

Your full name, date of birth, current address and national insurance number, and the passwords and PINs to your bank accounts are among the things they are hoping to get hold of.

Continue reading

Are over-40s ‘too old’ to get a mortgage?

This week has seen news that a bank has been penalised for age discrimination after withdrawing a mortgage approval for a married couple in their 40s, on the grounds that the husband would be over 65 when the deal ended.

The Financial Ombudsman Service ruled in the couple’s favour and ordered the bank to pay them £500 in compensation, saying that the bank had relied on “untested assumptions, stereotypes or generalisations in respect of age”.

So should we be given the chance to keep up mortgage payments past the age of 65?   Continue reading

Could smartphones soon spell the end for card payments?

smartphone-hand-300Trains full of commuters tapping away, diners sitting in silence staring at their screens – some may think smartphones are getting the better of us.

However, Experian research has found that one in three Britons (33 per cent) believe that paying with a smartphone will take over from credit and debit card payments as the preferred method of payment by 2020.*

While cash and card payments are still the dominant force now, the survey found that people think the next five years will see a major shift, with 67% saying that cash will decrease in popularity, while two in five (41 per cent) think the use of credit and debit cards will plummet. Continue reading

How to correct errors on a credit report – new video

The last thing you want, when you’re making an application for credit, is for your application to hit the buffers because there may have been some inaccurate or out-of-date information on your credit report.

In this video, Joanne from Experian talks about what you can do if you spot errors or mistakes in your credit report.

You can watch more credit questions answered by Experian’s Experts here: