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Checkmyfile Explained

You can improve your chances of a better mortgage if you have a good credit score so you should do what you can to improve this before making your application.

You can check your credit report using one of the major credit reference agencies. These are Experian, Equifax, Crediva, and TransUnion.

But as each credit reference agency works out credit scores a little differently, things can get confusing if you swap from one to another.

This is why Checkmyfile could be useful to you. This UK-based service gives you an easy way to access a multi-agency credit report that gathers together all the data that is held about you from the main credit reference agencies.

What is CheckMyFile?

Instead of signing up to the four main credit reference agencies, you could simplify your life by signing up to Checkmyfile instead.

Checkmyfile explained.

Checkmyfile is a privately owned company that launched in March 2000 with one simple aim: to help you get a better understanding of your credit history.

In order to provide as detailed a report as possible, Checkmyfile uses information gained from the different credit reference agencies as well as that from outside sources, such as Registry Trust, telecoms agencies, banks, building societies, and other credit providers.

They promise to never sell or pass on your personal data for marketing purposes so can be trusted if you want an easy way to monitor your credit reports.

Checkmyfile is currently the UK’s top credit reporting service so if you want to boost your credit score, be that for a mortgage or any other type of loan (such as car finance), we can recommend them to you.

What Can CheckMyFile Be Used For?

With this service, you can do the following.

Get a detailed overview of your credit report

Instead of seeing data from just one credit agency, you can see all of the data held about you from all four credit reference agencies. With a simple line-by-line comparison, you can see everything that has been reported about you, such as a missed payment on a credit card or a defaulted bill payment, all in one place.

See how you score

Your Checkmyfile credit score is based on the credit report information gathered from the various credit reference agencies. The better your score, the better your chances of a decent mortgage deal.

Monitor your use of credit

Get an ‘at a glance’ view of your current borrowing, repayment history, and any other payment information related to your credit accounts, and spot what might be negatively affecting your credit score.

Check for identity fraud

In cases of identity theft, victims’ credit scores can be negatively affected if the criminal used their information to purchase credit and then defaulted on payments. Using your Checkmyfile account, you can check for any discrepancies on your report and see if the major credit reference agencies have suspected instances of fraud.

Check that the reported information is correct

Check such account information as your personal details and payment history to make sure there are no mistakes on your credit reports.

Make sure you are correctly registered on the Electoral Roll

Your chances of mortgage approval will be improved if you’re on the Electoral Roll. With Checkmyfile, you can see if the credit reference agencies have correctly listed your Electoral Roll status. If not, you can get in touch with each agency to query any mistakes.

Check court information

See if you have any court records on your credit files, such as county court judgments, insolvencies, and bankruptcies.

See who is financially linked to you

The people you share accounts with can bring down your credit rating if their repayment performance is poor. You can see your linked accounts using Checkmyfile’s service and use their online tools to disassociate from anybody you don’t want to be linked to.

How To Use CheckMyFile

Checkmyfile is very easy to use. Here’s a guide on how to use their service on whichever device you use to connect to the internet.

Sign up for the service

Go to Checkmyfile and register for a 30-day free trial. You will need to enter your personal information and bank details but you won’t be charged if you cancel before the free trial period ends.

Download your credit report

After registering, you can download your first Checkmyfile credit report as a PDF document. Simply click ‘Download Printable Report’ and enter your password (your 6-digit date of birth) to access it.

View your credit report

On your detailed credit report, you will see your credit score as well as information about your credit repayment history, financial associations, court records, Electoral Roll status, details of accounts held in your name, and other useful information.

Update your credit report

How often is a credit report updated? Your checkmyfile credit report updates every month so click on the notification on your account page to view the latest information held about you by each of the credit reference agencies.

Improve your credit score

If you have a bad credit score, Checkmyfile will give you the incentive to improve it. Use the information provided by the service to do this and commit to an online search if you need other advice on improving your credit score.

How Does CheckMyFile Calculate Your Credit Score?

Each credit reference agency has its own way to calculate your credit score. Their scorecards are all based on the same principles but as each agency holds different information about you, your score will be worked out differently.

Checkmyfile gathers all of the information used by the credit reference agencies to score you and they use this to calculate a unique credit score that is reflective of all the data held on you. This will give you a better reflection of your credit history and it should give you the incentive to improve your score before you apply for a mortgage or any other kind of loan.

Does Using CheckMyFile Affect Your Credit Score?

No! When you sign up to Checkmyfile there will be a *soft search on your credit report but this can’t be seen by lenders and it won’t affect your score.

* A soft search happens when you or a lender (such as a credit card company) checks your credit history. The check will appear on your credit file but it won’t negatively impact your score. A hard search on the other hand will affect your score. This is where a new creditor runs a credit check on you to check for any credit issues you may have had/be having.

What’s A Good Score On CheckMyFile?

Checkmyfile’s credit score is based on the scores listed by the other agencies.

As you can see in the table below, each agency uses a different scoring system. You will notice that the ‘good’ score on Experian’s credit score range is very different from Transunion’s credit score range, for example.

Credit Reference Agency Very Low Low Fair Good Excellent
Experian 0 - 560 561 - 720 721 - 880 881 - 960 961 - 999
Equifax 0 - 438 439 - 530 531 - 670 671 - 810 811 - 1000
TransUnion 0 - 550 551 - 565 566 - 603 604 - 627 628 - 710

Checkmyfile realise that these varying scores can be confusing for you so to ensure you get the most accurate credit score and the clearest view of your credit history, they use their own scorecard which is based on the information they have gathered from all of the major credit agencies.

Their scoring system is based on a figure from 0-1000. The higher your Checkmyfile score the better when it comes to a ‘good’ score, especially when applying for a mortgage. This doesn’t mean you will be turned down for a mortgage if you have a bad credit score but you may miss out on the better deals being offered by lenders.

CheckMyFile Score Bands

Checkmyfile doesn’t actually provide what is considered an Excellent, Good, or Poor etc credit score. They simply have a credit score that is broken down into 6 score bands.

  • 0 – 499
  • 450 to 639
  • 640 to 719
  • 720 – 829
  • 830 – 900
  • 900 +

You will find in the FAQs below a breakdown of the likelihood of defaulting for each of the above score bands.

How Often Does CheckMyFile Update Your Credit Score?

Your credit score is updated every month. It will rise or fall depending on the data the credit reference agencies receive from each lender you hold accounts with.

Exactly when your score will be updated will depend on when each lender reports your recent activity to the different agencies. When it is updated, you will also see the most up-to-date information held on you by each of the credit agencies on your Checkmyfile account page.

Chekmyfile Frequently Asked Questions

A Checkmyfile membership costs £14.99 a month. If you are trying to improve your credit score and are wanting to see how it decreases or increases over time, it might be worth paying the monthly fee on an ongoing basis.

You aren’t beholden to this fee though as you can cancel at any time. You also get a 30-day free trial so if you aren’t interested in tracking your score over a period of time, you can sign up and cancel before your expected payment date.

Absolutely! Checkmyfile is a great way to check on any credit issues that may make life difficult for you when applying for a mortgage. As you can pull up multiple reports from each of the credit agencies at once, you don’t need to sign up with them individually.

With Checkmyfile, you also get handy hints and tips on building your credit history so if your credit score is low, you will get the information you need on improving it.

It’s possible to get a mortgage regardless of your credit score but you may not be offered the best deals if your score is low.

Each lender will view your score when making an assessment about how much of a credit risk you might be. Some will assume a low score means you are a bigger risk and this could lead to mortgage rejection or a less-than-favourable deal. If you are rejected, it might be because they think you are likely to fall into mortgage arrears.

You can get an understanding of how a lender might consider your score from the table below.

Checkmyfile credit scores/ Likelihood of defaulting (as evaluated by Checkmyfile)

Checkmyfile Credit Score The likelihood of defaulting as evaluated by Checkmyfile 2021
Up to 449 38%
450 to 639 24%
640 to 719 15%
720 – 829 8%
830 – 900 4%
Over 900 2%

 

It’s important to note that other factors can have an effect on your mortgage as each lender has its own criteria. To learn more, you should get in touch with a mortgage broker for up-to-date information on what to expect when applying to different mortgage lenders.

No! Experian is a credit reference agency that may hold different information about you than TransUnion and Equifax.

Checkmyfile is able to give you a more accurate overview of your credit profile as they pull information from all of the major CRAs for their detailed Checkmyfile report.

Signing up to Checkmyfile will leave a ‘search footprint’ on your file but your credit score won’t be affected as the search is classed as a ‘soft check’ rather than a ‘hard credit check.’

You can cancel your membership with Checkmyfile at any time. You can do this by:

  • Logging into your credit report

  • Clicking on ‘Expert help’ and then ‘I need help with my account’

  • Selecting ‘I’d like to stop my subscription.’

Alternatively, you can call Checkmyfile on 0800 086 9360 and request cancellation by speaking to one of their representatives.

Yes! When it comes to borrowing credit or getting a mortgage, your chances of rejection will be increased if you have a low credit score. A good credit score on the other hand can open up all kinds of possibilities for you, from getting a mortgage with a lower interest rate to financing the most up-to-date phone from your regular mobile phone service provider.

As such, it’s advisable to boost your score by sticking to your credit limits, making payments on time, and taking other steps to increase your rating.

How YesCanDo Money Can Help

Checkmyfile is a great way to check your credit score before you apply for a mortgage. As they pull together information from multiple credit reference agencies, you have a one-stop shop for checking your current financial information.

However, credit scores are not the sole defining factor lenders use when determining your eligibility for a mortgage. They will take other things into account beyond your credit scoring, such as the income and expenditure that is part of your overall financial situation.

So, while you should sign up to Checkmyfile for a detailed report on your credit history, you should also get in touch with a mortgage broker. When you use our services, a mortgage advisor will give you mortgage advice for FREE without the typical fee that many other brokers will charge you.

With our help, you will get the tailored advice you need to ensure you get the mortgage solution that is right for you.

We can look at your credit reports and the data held by each credit referencing agency and can offer you advice on what you might need to do to improve it. Not only will this improve your chances of a successful mortgage application but we will also give you other mortgage advice to increase your chances of mortgage approval.

Get in touch

We have a proven track record of helping our customers get the best mortgage deals so get in touch with a mortgage advisor at YesCanDo Money if you have any questions and check out our other mortgage advice guides if you need further mortgage information.

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Steve Roberts
Steve Roberts

Stephen Roberts MAQ is the founder of YesCanDo Money, one of the UK's largest no-fee mortgage brokers. With over 30 years of mortgage experience, he has advised and helped thousands of first-time buyers buy their first home and home movers buy their dream home. Speak to a mortgage expert today by completing our contact form:

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