Credit File

What is in your credit file?

Your credit file contains information about your current borrowings and bills, and records your payment history. It notes any data that is relevant to your indebtedness that may need to be referred to by a future lender.  This generally falls into five main categories:

• Your credit history
  
  
• Your current liabilities
  
  
• The length of time you have had credit

• The mix of credit types you have

• The amount of new credit you have

Any future lender that you approach for credit, will contact the credit reporting agencies to find out if you are a good credit risk. The agencies analyse all the information in your credit file and create a credit report which the lenders can refer to. They in turn use the credit report to decide whether to lend you any money, and if so, at what rate of interest.

But that decision to grant you a loan or not, is solely the responsibility of the lender, not the credit reporting agencies.

More Credit File Information

How to Clean Up Your Credit File
Buy a new credit file