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Checkmyfile explained

All of the key information you need on Checkmyfile and how to sign up for your free trial today

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By Pete Mugleston  | Mortgage Advisor Pete has been a mortgage advisor for over 10 years, and is regularly cited in both trade and national press.

Updated: 9th September 2019 *

What is Checkmyfile and are they reliable?

So who are Checkmyfile and is it safe to use? Checkmyfile is a UK based service that provides  access to credit reports using data from the four big credit reference agencies  which are:

  • Experian
  • Callcredit (Now known as TransUnion)
  • Crediva
  • Equifax

This blog post covers all of the information you need to know about the service and you’ll find the following topics covered below…

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Checkmyfile explained

A lot of borrowers ask us whether Checkmyfile is any good, and with any luck, you’ll know whether it’s a service that will benefit you after reading through this post.

In order to present a report that is as accurate as possible, Checkmyfile use various additional sources such as Registry Trust, the Electoral Roll, banks, building societies, telecoms agencies and other credit providers.

Launched in 2000, Checkmyfile are a privately owned company and they don’t sell your data or pass it on for marketing purposes.

Why do we have credit scores?

Credit Scoring can help speed up the process of borrowing credit as it provides lenders with information about how risky you are as a borrower.

It can also reduce the possibility of errors as if you feel that there is something on your credit report that is incorrect, you can dispute it. In fact, Checkmyfile can liaise with the Credit Reference Agencies to help remove any incorrect information on your report.

What is a good Checkmyfile score?

First of all, it’s important to remember that the scores generated by lenders are based on their own criteria, so the score you receive will differ heavily depending on the Credit Reference Agency (CRA.) One may have a scoring system that ranges from 0-100 while another has a credit score range of 0-1000.

As well as this, a score that works well for a credit card company might not be score that is high enough for a mobile phone service provider,  for example.

Therefore, a score that is deemed high with one lender may not guarantee you approval with another. It can be helpful to view a credit score as a tool that gives lenders a glance of your financial situation and your likelihood to repay a loan.

The opinions of each lender will differ as some will take into consideration other factors including your income, age or employment type.

How is a credit score calculated?

A Credit Score is generated using the information on your credit file which is retrieved from various sources.

This includes public sources such as the Electoral Roll, the Register of Judgments and Insolvency Information which provide details about bankruptcy and Individual Voluntary Arrangements (IVAs.)

As well as this, information is also gathered from payment information regarding your overdrafts, credit cards, loans and mortgages and details about how often lenders have searched for your credit score.

What looks good on a credit report?

Generally, ‘positive’ information such as being registered to vote and a good history of borrowing and making repayments on time improve your credit history and suggest to lenders that you are less risky as an applicant for credit.

What looks bad on a credit report?

Negative’ information such as those listed below can potentially lower your score:

  • Low credit score (potentially because you’ve never borrowed before)
  • Late payments
  • Mortgage arrears
  • Defaults
  • CCJs
  • Debt management plans
  • IVA
  • Bankruptcy
  • Repossession

For further information about how lenders view your bad credit, see our ‘bad credit’ information section. Alternatively, contact a ‘bad credit’ mortgage advisor.

How often is my credit report with Checkmyfile updated?

A Checkmyfile credit report isn’t updated in real time and is only updated with new information once it has been received by the lender. Most lenders update account information monthly which can include changes to your balance, credit limit, and whether you made your most recent repayment on time.

This means that sometimes it can appear that your Checkmyfile account isn’t updating. Some customers notice this when they are expecting or are aware of a missed payment that they would expect to be appear on their record.

As well as this, every CRA updates their own databases separately so it’s quite common for information to differ, depending on which agency’s data you’re looking at.

Because of this, Checkmyfile provides information from each of the credit reference agencies in the UK to give a better overview of what a lender may see when deciding whether to approve your loan or other type of credit.

Checkmyfile vs other CRAs

Credit Reference Agency Does it use data from more than one CRA?
CheckMyFile
Experian χ
ClearScore χ
Crediva χ
Equifax χ
CallCredit χ

Is Checkmyfile free?

We’re often asked, “How much does Checkmyfile cost?”

If you’ve never used Checkmyfile before, a 30 day free trial is available which will allow you to access your credit report with data from Callcredit, Crediva, Equifax and Experian.

Start your free trial for Checkmyfile here.

If you are trying to improve your credit score and want to track how it increases or decreases over time, it can be helpful to oversee the changes made to your record. The Checkmyfile membership is a monthly payment of £14.99.

How to cancel your Checkmyfile account

Checkmyfile can be cancelled at any time by following the below steps.

  • Log in to your Credit Report
  • Click on 'Expert Help' and then 'I need help with my account'
  • Select ‘I'd like to stop my subscription'

Alternatively you can call 0800 086 9360 to speak to an Checkmyfile representative.

Is it worth using Checkmyfile?

Yes! Checkmyfile is a great way to establish whether you have any credit issues that might be flagged up or prevent you from borrowing from a lender.

Checkmyfile can save you time and will pull information from multiple reports, so you don’t have to look at each one. This provides you will a more accurate overview of your credit profile.

As well as this, Checkmyfile can help you track how your credit fluctuates overtime and how different forms of loans or other credit can affect your overall report.

There are also handy tips and advice on how to build you credit history for various different situations including cases where you may have a low credit score from never borrowing before or because of a big financial setback such as bankruptcy.

Get a free trial for Checkmyfile

Here at OMA, we work with specialist advisors who have extensive experience with credit reference agencies. As well as giving you access to a free trial on the Checkmyfile, they can also talk you through how each ‘mark’ on your report can affect how lenders assess you for loans in the future and how you can improve your credit score overtime.

Start your free trial for Checkmyfile here.

Talk to an expert about your credit score

If you have questions about your credit score call Online Mortgage Advisor today on 0808 189 2301 or make an enquiry.

Then sit back and let us do all the hard work in finding the broker with the right expertise for your circumstances.  – We don’t charge a fee and there’s absolutely no obligation or marks on your credit rating.

Updated: 9th September 2019
OnlineMortgageAdvisor 2019 ©

FCA disclaimer

*Based on our research, the content contained in this article is accurate as of most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The info on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs. Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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