A credit report holds details of your financial history usually from the last six years, these details include;
- Existing credit such as loans, credit cards, store cards etc.
- The amount of credit you have borrowed and how much you currently owe.
- Details of any late or missed payments.
- Any joint credit agreements you hold with another person.
- Your past and present address details as held on the electoral roll.
- Any bankruptcies, repossessions, county court judgements and individual voluntary agreements.
These details are obtained by several different sources; banks and building societies, service companies such as electricity providers etc. Records such as the electoral roll are publically available.
Updates are usually provided on a monthly basis, so if you pay off a credit agreement, this is likely to show on your report the following month.
The way your credit score works is simple, the higher the score the more likely it is that your application will be accepted.