Using CheckMyFile for Your Credit Report: Everything You Need to Know

Your credit report is a rather vital document. After all, it contains significant information that can explain to you why you are eligible/not eligible for certain loans and what you can do to improve your standing among creditors.

There are many methods for you to get a hold of your credit information. To an extent, that means that there are a handful of companies out there that make it their service to compile a credit report for you.

One of these companies is CheckMyFile and they have been providing credit reports for years now. The question is this: can they be trusted?

The short answer is yes but it’s best to elaborate.

What Exactly is CheckMyFile?

Founded in 2000, CheckMyFile is one of UK’s several credit report services. How they work is similar to other companies in concept. In other words, this means that they scour all available data sources for information regarding your financial history and then compile that data into a report that is easy to read and interpret.

And in order to make sure that what they present in their credit reports are highly accurate, CheckMyFile draws from multiple sources. To provide you with information from your banks, subscriptions with clubs and utility services, info from telecommunication agencies, the electoral roll, the Registry Trust, homeowner and building societies, credit providers, and other notable businesses.

Aside from that, CheckMyFile uses data from the four big credit agencies which are Experian, TransUnion, Crediva, and Equifax. All in all, the report that they can provide to you will be as comprehensive as possible.

Since CheckMyFile compiles the credit report using data from the four major credit companies, consumers can compare and contrast the data to determine if there are any discrepancies in them and find out why their scores are not rising across the board.

Just do remember that CheckMyFile is just one of several credit reporting agencies that offer persons the chance to see all of their credit reports. Other companies like Experian and Credit Karma also do that. The only difference with CheckMyFile is that they all reports from the major reporting agencies in a singular comprehensive summary.

But What’s the Point of a Credit Score?

If you have been wondering why you would want to get the services of CheckMyFile, the answer is simple. Credit reports reflect your history and behavior as a credit holder.

The report will contain information that gives you an impression on how you are faring as far as your credit is concerned. Things like the times you applied for credit, the available credit that you have, any amount that you have yet to pay or have paid back, and whether or not you have missed any payments will determine your final rating for a certain period of time.

In turn, your report score will tell creditors and other lending agencies if you are a worthy investment. As such, a good score in CheckMyFile will indicate that you may benefit from faster approvals for your loans. Alternatively, a bad score means that there is a greater risk that your loan application will either take longer to approve or it will be rejected.

In your CheckMyFile report, you will see your credit report score based on information from all four credit reporting agencies. It summarises all the points and elements that make up your score and offers a quick explanation as to what the rating implies.

If you do find anything on your report that you think is erroneous, you can always contact CheckMyFile and dispute the report. The company will be more than willing to honour your concern and either explain to you why that score is such or, if appropriate, take up the matter on your behalf with the relevant credit reference agency.

How Your Score is Calculated

Every reporting agency has their own process for coming up with your credit report but these follow the same concept of gathering data from lenders and other organisations. The most extensive of these is the collection phase as the agency will receive information from a variety of sources regarding your financial behavior.

The sources above will have their own databases which they will regularly send out to the company or upon request. Constant communication between the agency and the data source is to be expected to make sure that the information given is highly accurate.

Once the data is collected, the reporting agency will then start processing and compiling your information.

To have a comprehensive view of your overall credit behavior, CheckMyFile gathers your report from the different agencies and then presents them in one summary. With this, you can fully understand how creditors might treat you when you applay for credit.

What Makes for a Good Credit Report Score?

As was stated, your credit report scores on CheckMyFile will be affected by the quality of the information given to them. As such, any information that depicts your behavior in a positive light will always result in higher scores.

So, what does CheckMyFile consider to be “positive” behavior? These will include:

  • Regularly paying your bills.
  • Applying for credit only when you really need it.
  • Registering on the electoral roll.
  • Not moving frequently ever since opening your first credit account.
  • Not having any court judgement against you in cases that revolve the collection of payments and other finance-related civil actions.

If you do any of these, your overall credit report score will be higher. With a high score, you are able to apply for credit products with less fear of having them rejected. Regardless if it is a mortgage, a new credit card account, or any type of loan, a good score will tell the creditor that there is a low risk of you giving them too many problems regarding the fulfillment of your financial obligations.

And if you think that your credit report will only help you with credit products, you’d be happily mistaken. If you are planning to rent an apartment, a good credit score will tell the landlord that you are a good payer and might help to approve your application.

If you are applying for a job, especially ones that involve the handling of money, a good credit report score might make you even more eligible for the position.

This is why it is vital for you to maintain a good credit report score. Fortunately, CheckMyFile also offers suggestions on how you could build up on your report score if it is bad or maintain it if it is good enough.

What Would Make for a Bad Credit Report Score?

If positive acts could result in a good report score, then the opposite is true. With CheckMyFile, your score will drastically lower if the following acts were performed:

  • Having a low credit score to begin with (this is common for first-time credit holders since they have yet to apply for any credit product).
  • Consecutive late payments.
  • Mortgage arrears.
  • Defaulting on your payments.
  • A negative county court judgement against you for the collection of a sum of money and other related specific actions.
  • Getting an individual voluntary arrangement to avoid bankruptcy.
  • Being under a debt management plan (the score is mandatory kept at a low by the reporting agency until you can make considerable improvements in your behavior).
  • Declaring bankruptcy.
  • When a security/guarantee for a loan you applied for gets repossessed.

How Often is Your Score Updated?

In CheckMyFile, your score will be updated on a regular basis but this does not happen in real time. The reason for this is that the agency bases its monthly service around the principle that lenders report updated information to the agencies no more than once a month.

With that being said, what you should know is that lenders do give information on a monthly basis. This will include any changes made to your balance or credit limit, or whether or not there have been outstanding balances you have cleared off your debt list.

What this all means is that there may be times when your CheckMyFile report score would look like it is not updating. You might expect that the recent payment you made to a balance would be reflected in a few days in your report score. Alternatively, you might expect that one payment you missed would instantly lead to a lowering of your score.

Either way, there will always be a suitable amount of delay between the passing of new information and the updating of your credit report score. You also have to consider that credit referencing agencies do update their own databases regularly. This means that there will always be a difference in the score that you receive depending on what agency data you are looking at.

This is why CheckMyFile aims to present all possible information that you have from the different credit reporting agencies operating in the UK. A more comprehensive view of your credit behavior can help any lender determine whether or not your application is worth the risk.

Is CheckMyFile Any Good?

A CheckMyFile subscription might look like an added burden. After all, you will eventually have to pay for the services if you wish to carry on with the services beyond the free trial. But there are several benefits that could be enjoyed if you subscribed to the service and they include the following:

With CheckMyFile, you get a broader overview as the report presents data from all of UK’s credit reporting agencies. It will show how each agency differs in the data it provides and the impact of individual aspects when compiling their overall score for you. With this, you have a better impression of the data that is available to prospective lenders when you apply for credit.

  • Identifying Issues

If you refer to reports from the agencies individually, there is a chance that you won’t see the overall picture of your financial behavior which prevents you from addressing a key issue properly.

There might be an account reported at one agency but not another. Only by using CheckMyFile can you see the overall picture of the information held about you.

  • Improving Your Score

CheckMyFile is a service that is not content with telling you where you went wrong in your credit behavior. They actually do provide useful information that will help gradually improve your score over time.

For example, let’s say that your credit report scores experienced a massive drop since you declared bankruptcy for one of your businesses a few months ago. With CheckMyFile, you will understand how that bankruptcy actually affected your score and what you can do in the meantime to stabilise it, so that when the adverse information is removed you will see a significant improvement in your score.

This will pave the way for you to make a recovery for your credit scores. Of course, this is only possible if you actually do commit to maintaining your credit repayments on time.

Using CheckMyFile

CheckMyFile’s comprehensive credit report is not a complicated concept to understand. All you have to do is get subscribed to the service. At their website, you will go through the registration process where you will provide your important information and agree to their terms and condition.

Once the registration is approved, you will then be given a free 1-month trial where you can access your credit reports from the four reporting agencies. After the 30-day trial period, you will then have to pay £14.99 per month (correct at time of publishing) to maintain your membership.

And aside from a free view of your report scores, CheckMyFile provides consultation periods with in-house advisors. Drawing from their extensive experience with UK’s credit reporting agencies, these specialists can explain how each mark in your credit report ultimately affects your score, and help you to resolve disputed information on your behalf with the credit reference agencies.

In turn, they can help you come up with strategies to maintain a good report score, improve on it, or prevent your score from falling even further. They can also help you understand how lenders treat your report score upon viewing it and what you can do to make your application even more appealing for them.

Log-In

To see your credit report, you would have to first go the CheckMyFile website. Once there, you can log in using your account information and your password.

Typically, you should be able to access your account within seconds. From that point on, you can view your most recent credit reports from the credit reporting agencies.

Cancellation

To cancel your subscription, what you will have to do is to log in at the website. Once your account has been booted up, you must then click”Expert Help” and then click on the “I need help with my account” tab.

Once you are taken to a separate page, you must then click on the “I’d like to stop my subscription”. This will cause your account to be cancelled within a few minutes, and you will be provided with a cancellation reference, so you know it has been cancelled.

Alternatively, you can contact CheckMyFile via their customer service department. The agent will then manually terminate your account over the phone for you.

In Conclusion

So, is CheckMyFile worth your time? The answer is yes.

The service does require you to eventually pay to continue using the service but the ability to view your reports on a more comprehensive point of view does make your subscription worth it. After all, learning how each element that makes up your grade affects one another can help you make the necessary adjustments to your credit behavior.

In essence, CheckMyFile not only is there to just present you with a collection of your most recent credit report scores. It is there to help you fully understand your credit behavior.

By understanding how lenders see you, you can make smarter decisions as far your credit is concerned. At least, that’s the theory.

Head on over to CheckMyFile to experience it yourself at:

https://www.checkmyfile.com

Head over to our Resources section to see other Credit Score report providers.

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