Understanding Your Statutory Credit Report

Getting ready to apply for a mortgage or loan?

You’ll want to know what lenders see when they check your credit. That’s where statutory credit reports can help – they show exactly what UK lenders look at when deciding whether to lend money to you.

Every UK adult has the right to see their statutory credit report for free.

It’s a clear record of your borrowing history that helps you spot any problems before applying for credit. Many people only find out about credit issues after being turned down for a loan or mortgage.

By checking your report first, you can avoid unwanted surprises and improve your chances of approval.

Let’s look at what these reports show, why they matter for borrowing money, and how to get yours sorted before applying for credit.

Understanding Statutory Credit Reports

Your statutory credit report is simply your official credit history. It shows how well you’ve managed credit cards, loans and other bills.

The UK has three main credit reference agencies – Experian, Equifax and TransUnion.

Read more: What is a Credit Reference Agency?

Each one can collect slightly different information about your financial behaviour.

These official reports differ from the ones you might get through commercial services. While paid credit report services give you extra features like credit scores and monitoring alerts, statutory reports focus purely on your credit history.

They’re basic but tell you everything a lender sees.

The law says you can check your statutory report whenever you want, completely free. This comes from the Consumer Credit Act, which gives you the right to see what information companies hold about you.

Many people think all credit reports are the same, but that’s not true.

Each agency might hold slightly different details about you. That’s why we recommend checking all three before applying for a mortgage or big loan.

Related: Which Credit Report Do Mortgage Lenders Use?

Why Credit Reports Matter for Borrowing

When you apply for a mortgage or loan, lenders look at your credit history to help decide whether to lend to you.

They want to see how you’ve handled credit in the past to work out if you’re likely to pay them back.

Let’s say you’re applying for a £500,000 mortgage.

The lender will check your credit report to see things like:

• Whether you pay your bills on time
• How much other credit you’re using
• If you’ve had problems with debt before
• Whether you’re linked financially to anyone else

Even small issues on your report can affect your chances.

A missed mobile phone payment from years ago might still show up. By checking your report first, you can explain any problems to lenders before they affect your application.

Read more: What Lenders Want To See On Your Credit Report

What’s Included in Your Report?

Your statutory credit report contains several key sections.

The first shows your personal details – name, date of birth, current and previous addresses, and whether you’re on the electoral roll.

Being on the electoral roll at your current address helps prove who you are to lenders.

The main part covers your credit accounts.

This includes:

• Your current credit cards and loans
• Any overdrafts you have
• Store cards and catalogue accounts
• Mortgage details
• Mobile phone contracts

For each account, it shows your payment history, credit limits, and current balances. Lenders look carefully at how you manage these accounts.

The report also includes public records that affect your credit.

These might be County Court Judgments (CCJs), Individual Voluntary Arrangements (IVAs), or bankruptcies. These serious marks can make borrowing much harder, but they don’t stay on your report forever.

Read more: What information is on a credit report?

Getting Your Statutory Credit Report

Getting your reports is straightforward.

You can apply to each credit reference agency separately:

For Experian, visit their website and look for the statutory credit report section. You’ll need to prove who you are with details like your address history and bank accounts.

www.experian.co.uk

Equifax lets you apply online too. They might ask about any credit cards or loans you have to confirm your identity.

www.equifax.co.uk

TransUnion (previously called Callcredit) offers online access through their website. Again, you’ll need to prove who you are.

www.transunion.co.uk

The agencies must send your report within seven working days. While online access is quickest, you can also apply by post if you prefer.

Using Your Report Effectively

When you get your reports, check them carefully.

Start with the basics – are your personal details correct? Even small mistakes like a wrong address could cause problems.

Look through your credit accounts.

Are they all yours? Check the payment history too. If you spot any missed payments you don’t agree with, you can ask the lender to correct them.

If you find errors, contact both the credit reference agency and the company that provided the incorrect information. They have to investigate and either prove the information is right or correct it.

Timing matters when checking your report.

If you’re planning to apply for a mortgage, look at your reports at least three months before. This gives you time to fix any problems.

Related: Will Checking My Credit Report Affect My Credit Score?

How Mortgage Brokers Help

Mortgage brokers work with credit reports every day.

They know which lenders will accept different credit situations and can help you understand what your report means for your borrowing options.

A broker can:

• Look at your credit report and spot potential issues
• Tell you which lenders are most likely to accept you
• Help explain any problems to lenders
• Suggest ways to improve your credit profile
• Make sure applications go to the right lenders first time

This saves you from making multiple applications that could harm your credit rating further.

Next Steps

Now you know what statutory credit reports are and why they matter, here’s what to do:

Get your reports from all three agencies.

Allow a few weeks to check them properly and fix any errors. If you’re planning to borrow money, especially for a mortgage, getting professional advice can really help.

Remember, your credit report is just one part of what lenders look at. They also consider things like your income, spending habits and deposit size. A mortgage broker can look at your whole situation and help you find the right lender.

Want to check your credit position before applying for a mortgage? Get in touch with us and we’ll put you in contact with an experienced broker who can help.