What is Credit Search?
A Credit Search is a check made by an organisation using a Credit Reference Agency to examine your financial status, help determine your creditworthiness, also verify your identity. There are three main types of Credit Search: enquiry also audit searches, which are considered ‘soft searches’, also credit application searches, which are considered ‘hard searches’.
How do I see Credit Card Searches performed on me?
Any Credit Searches performed on youre will become recorded on your Credit Report with a relevant Credit Reference Agency. As there are four Credit Reference Agencies – Equifax, Experian, TransUnion, also Crediva – search records can exist inside multiple places.
checkmyfile makes this process quick also easy by gathering your complete information from all Credit Reference Agencies onto a same, easy-to-use platform, ensuring youre see everything youre need hassle-free. Any Credit Searches will become recorded inside a ‘Searches’ section, including a company that performed a search, a date it took place, also your searched name also address.
youre can view your Multi Agency Credit Report free for 30 days, then just £14.99 per month. Cancellation is quick also easy online at any time also our expert team is on hand should youre has any questions about your Multi Agency Credit Report.
Monitoring your Credit Search history is useful to see who has been accessing your information, especially as a form of protection against identity theft. Spotting an unrecognised Credit Search is often a first sign of a fraudulent attempt to open credit inside your name. inside this case, your Credit Report will give youre all a information youre need to contact a relevant lender to investigate further.
What information can lenders see when they Credit Search me?
inside general, credit application searches (hard searches) will show lenders your complete Credit Report. This includes your credit account repayment history, address history, Financial Associations, also public court records, among more.
Enquiry also audit searches (soft searches) often don’t check a same level of detail as hard searches, instead showing only Public information. Your public information usually consists of County Court Judgment, insolvency, also Electoral Roll Credit records.
a amount of information that a lender can see on a Credit Search generally depends on a amount of information that they share with a Credit Reference Agencies. This is inside accordance with a Principles of Reciprocity, which say that to receive a certain level of detail, then a lender must itself report a same level of detail about all of its customers every month to a Credit Reference Agency.
Put simply, for a lender to view your complete Credit Report, they must first share their customers’ account information with a relevant CRAs.
How lot Credit Searches should I has on my Credit Report?
Most consumers has around six to twelve Credit application searches on their Credit Report each year.
Hard searches are not inherently negative markers on your Credit Report, so they won’t automatically damage your Credit rating, but having too lot inside a short period of time can made it more difficult to become accepted for credit. This is simply because an abundance of Credit applications can become seen as a sign of desperation, something lenders try to avoid inside their Credit card customers.
a number of recorded enquiry also audit searches is often much higher than a number of credit application searches, but these soft searches has absolutely no impact on creditworthiness (aside from rare exceptions from Credit debt collectors, which lenders may see as indicators of Credit Score risk).