Checkmyfile is rated as the UK’s leading credit report service by Trustpilot with an impressive score of 4.8 out of 5. The credit reference agency is used by thousands of people on a daily basis to improve their credit score when they are applying for a mortgage.
In this guide, we will explore how to make the most of Checkmyfile’s free 30-day trial (£14.99 per month after that, cancel anytime) to check your credit score. We will also discuss how it can help you increase your chances of getting a mortgage.
What is Checkmyfile UK?
Checkmyfile offers a comprehensive overview by including data from all four major credit reference agencies (CRAs), sparing users the hassle of creating multiple logins. With a clear overview, users can quickly identify what’s right and wrong with their reports and access up to six years of payment performance history.
You will be given a Checkmyfile Credit Score that is based on all of the credit files that have been gathered from Equifax, Experian, TransUnion, and Crediva to help you understand how you will be assessed when you apply for a mortgage with a mortgage lender or for loans with credit providers.
The Top Four UK Credit Reference Agencies
Accessing your credit reports can be frustrating, especially when your score varies among the main credit reference agencies (CRAs). Each CRA uses a different scale to measure creditworthiness, and mortgage lenders and other financial institutions have their preferred CRA when assessing a person’s affordability for loans or lines of credit. The four well-known credit reference agencies in the UK are:
- Experian
- Equifax
- TransUnion
- Crediva
What does Checkmyfile do?
Checkmyfile provides an up-to-date and detailed report on your credit history and the financial events that have impacted your credit score. It lists the information that UK lenders can see about you when assessing a finance application, helping you understand the factors that can influence their decision.
You can view all the information about yourself held by the four credit reference agencies, rather than just one. By comparing each line, you can easily see details such as a missed credit card payment or a defaulted bill payment, in a single location.
What credit history information can I see on Checkmyfile credit report?
- Checkmyfile allows you to view various types of credit you’ve taken out, such as payday loans, phone contracts, mortgages or secured loans, and even utility bills like your gas bill.
- Late or missed payments will also appear on your Checkmyfile report, which may indicate to potential lenders that you might not be fully committed to your current financial obligations.
- Defaulted or delinquent credit accounts will be listed if you haven’t been able to keep up with repayments.
- Your report will also include County Court Judgments, insolvencies, and bankruptcies.
- Linked accounts with ex-partners or housemates who have poor credit could negatively impact your credit score if their repayment history is less than ideal. You can access this information on Checkmyfile and dispute it with the relevant credit or utility provider if necessary.
- Checkmyfile can help you determine if any of the CRAs have flagged your name for identity fraud, in case your identity has been misused by someone else.
- Being registered on the electoral roll can appear on your credit report and often aids in building your credit score. This information provides lenders with insights about the duration of your stay at your current residence.
- Finally, you can access up to six years of your repayment performance history on Checkmyfile.
Is Checkmyfile any good?
Checkmyfile offers the UK’s most comprehensive detailed credit report from the four major credit reference agencies (CRAs). It allows users to see a clear overview of their information, helping them identify red flags quickly. The service is fast, free for 30 days (then £14.99 per month, cancel anytime), and has been reviewed on Trustpilot by thousands of real users.
How to Use Checkmyfile Effectively
Below we provide 5 steps to using and understanding Checkmyfile UK effectively.
1) Sign up
To access a free credit report with Checkmyfile, register as a new customer. You’ll be asked to securely provide personal details such as your name, previous and current addresses, and your card information. This is necessary for the credit reference agencies to access your credit data connected to your bank and generate an accurate report.
2) Download your report
Now it is time to access and download your full report which you can view on either your mobile device or desktop. Simply search for the “Printable Version” of your report and select “Download.” Please note that this process may take a few minutes, so please be patient.
3) Relax and regroup
Remember that no matter what’s listed on your report, you can take steps to improve your credit score. With expert guidance, you may find a lender with affordable terms suitable for your circumstances. Your credit history is just one factor affecting a lender’s decision, and there are even specialized bad credit lenders who may be willing to offer you credit depending on your situation.
4) Review your report
We recommend that you carefully go over your report to spot any mistakes or incorrect information. The report covers all the accounts under your name, including banks, utilities, mortgages, and pay-later services.
5) Consult a mortgage broker about your Checkmyfile report
Enlisting the help of a mortgage broker can be an efficient way to identify what changes you need to make to present yourself as a responsible borrower. Mortgage brokers have knowledge about mortgage criteria and can offer advice on repairing your credit report with careful money management. Their expertise can guide you toward improving your credit score over time.
What’s a good credit score on checkmyfile?
Checkmyfile provides a credit score ranging from 0-1000 which is used to determine creditworthiness. The higher the score, the better the creditworthiness. It is important to note that a “good” credit score does not necessarily guarantee mortgage approval. Lenders assess multiple factors such as borrower’s income, debt levels, and loan applications before approving mortgages.
CheckMyFile Score Bands
Checkmyfile doesn’t actually provide what is considered an Excellent, Good, 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 +
Checkmyfile’s credit score is based on the scores listed by the other agencies.
The scoring systems used by each agency differ, as shown in the table below. One can observe that Experian’s definition of a “good” score on their credit score range is significantly different from Transunion’s credit score range.
Other credit reference agency scores
| 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 |
What credit score is needed for a mortgage?
A higher credit score can suggest to mortgage lenders that you have a good track history with your finances. Different lenders have their own lending criteria and underwriting criteria when deciding whether to accept a borrower or not.
| Checkmyfile Credit Score | ThE likelihood of defaulting as evaluated by Checkmyfile UK |
|---|---|
| Up to 449 | 38% |
| 450 to 639 | 24% |
| 640 to 719 | 15% |
| 720 - 829 | 8% |
| 830 - 900 | 4% |
| Over 900 | 2% |
How Checkmyfile helped me improve my credit score to secure my mortgage
CheckMyFile was instrumental in helping me secure a mortgage for my dream home. I was initially struggling to understand why my mortgage applications were being rejected. After signing up for CheckMyFile, I discovered a hidden discrepancy in my credit report: an old, unpaid phone bill that I had assumed was settled. This seemingly minor issue was negatively impacting my credit score. With the detailed information provided by CheckMyFile, I was able to resolve the discrepancy by contacting the phone company and clearing the outstanding balance. Consequently, my credit score improved, and I successfully obtained a mortgage at a competitive interest rate.
Checkmyfile FAQs
Does Checkmyfile affect my credit score?
No, checking your credit history on Checkmyfile does not damage or negatively affect your credit score. Regularly monitoring your score and accessing your online or downloadable report can help you understand what lenders see and take steps to improve your score over time.
Is Checkmyfile the same as Experian?
Experian is just one credit reference agency, while Checkmyfile compiles information from four major CRAs and provides a multi-agency credit report. This is important because your financial data may differ across CRAs, making it crucial to check your credit score and history on each.
Is check my file worth it?
Whether Checkmyfile is worth paying for depends on your personal needs. Having access to a multi-agency credit report can be valuable for those considering applying for a mortgage or loan. Many people are unaware of what lenders can see when they check credit history, and discovering this information can be the first step in resolving issues and improving your score.
How much does Checkmyfile cost?
New users can access a free Checkmyfile report for 30 days, after which it costs £14.99 a month.
How often is Checkmyfile updated?
Banks and lenders typically share their information with credit reference agencies every month. However, new information may update more quickly or slowly, depending on the source and the organization's ability to pass it on. Generally, 1-2 months is enough time for a Checkmyfile report to update if a person's financial data has changed. If you're planning on applying for a loan or mortgage, give yourself enough time to allow for any changes to appear.
How do I cancel my subscription on checkmyfile?
If you want to cancel your Checkmyfile subscription after the 30-day free trial, you can do so by visiting their website, calling them during office hours at 0800 086 9360, or logging in to your Credit Report and following the cancellation steps provided.
Boost Your Credit Score: 10 Top Tips
Boosting your credit score can take time, but it’s a crucial step in increasing your chances of getting approved for a mortgage or other types of credit. Here are some suggestions to help you improve your credit score:
- Join the Electoral Roll: Lenders use the electoral roll to check where you currently live and your as well as your address history. Being on the electoral roll can positively impact your credit score.
- Keep Up with Payments: Always pay your bills and credit commitments punctually, as late or missed payments can damage your credit score. Set up direct debits and reminders to help you stay on track.
- Manage Credit Utilisation: Aim to keep your credit utilisation ratio (the percentage of your available credit that you’re using) low, ideally below 30%. High credit utilisation may signal over-reliance on credit, which can hurt your score.
- Limit Credit Applications: Every time you apply for credit, a hard inquiry is recorded on your credit report. Too many hard inquiries in a short period can lower your credit score. Space out your credit applications and apply only when necessary.
- Monitor Your Credit Report: Check your credit report regularly to ensure there are no errors or fraudulent activities. If you spot any inaccuracies, contact the relevant credit reference agency and let them know as quickly as possible.
- Establish a Credit History: A longer credit history can benefit your credit score. If you have no credit history, consider opening a credit-building credit card and using it responsibly to create a positive credit history.
- Avoid Excessive Debt: High levels of debt can harm your credit score. Focus on paying off your debts and avoid taking on additional credit you don’t need.
- Retain Positive Accounts: Don’t close old credit accounts with a good payment history, as they can contribute to a longer credit history and a lower credit utilisation ratio.
- Diversify Credit Types: Having a mix of different types of credit (e.g., credit cards, loans, and mortgages) can demonstrate your ability to manage various types of credit responsibly. However, don’t take on new credit just to diversify your credit types.
- Seek Expert Guidance: If you’re finding it difficult to improve your credit score, consider seeking help from a financial advisor or credit counsellor. They can offer advice on managing your finances and improving your credit score over time.
Seek Expert Advice
Consider having a chat with a mortgage broker who may be able to help you improve your credit score. Mortgage brokers have knowledge about mortgage criteria and can advise you on how to repair your credit report. Even small changes, like signing up for the electoral roll or avoiding multiple credit applications within a short period, can help build your score.
Checkmyfile is a fantastic resource to help you review your credit score before diving into the mortgage application process. It gathers info from multiple credit reference agencies, giving you a one-stop shop to gauge your financial standing.
Remember that lenders consider factors beyond just credit scores when determining mortgage eligibility. They also take into account your income and expenses.
How YesCanDo Money Can Help
It is a good idea to use Checkmyfile for a detailed credit report, but it is also crucial to speak with a mortgage broker. We offer free mortgage advice from experienced advisors, and we do not charge any fees that other brokers may charge.
Our advisors can check out your credit reports and the data each credit reference agency holds, giving you tips on how to improve your score. By following their guidance, you’ll not only boost your chances of a successful mortgage application but also receive extra mortgage advice to help you get that mortgage approval you’re after.
