What is a credit report?

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What happens when I apply online?: Many online applications will result in a provisional decision within 20 seconds.
What is a credit report?: When you apply for credit, your credit history will be checked out before approving your application – and your credit card issuer will refer to one of the independent credit reference agencies.
What is credit scoring?: Most of the major credit card companies use their own credit scoring systems – normally but not always in conjunction with a credit rating from a credit reference agency.
Will I get charged Late payment/Overlimit fees?: All credit cards charge you if your payment is overdue.
What is the new Chip and Pin system?: The new Chip and PIN initiative is a system being introduced in the UK in 2004 to reduce counterfeit and stolen card fraud.

When you apply for credit, your credit history will be checked out before approving your application – and your credit card issuer will refer to one of the independent credit reference agencies.

The two major credit reference agencies in the United Kingdom are Equifax and Experian – they collect and report information about consumers' financial management. Their reports contain the same basic information: name, current and previous addresses, details about mortgages, loans, and credit cards and how they have been handled. Any late and missed payments and unpaid bills will show up on your credit report, as will public record information such as bankruptcies, county court judgements and applications for credit.

It’s not just credit card companies that make decisions affecting your future that are based on your credit history. Banks and other lenders consider your credit report when reviewing applications for mortgages or other loans, and sometimes Landlords will use credit reports to decide between rental applicants, and potential employers may even assess an applicant's credit report prior to extending a job offer.