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Experian Credit Rating
Whilst most people regard Experian as a credit reference agency, the company describes itself as a leading global information services company. It operates in 65 countries and helps businesses manage credit risk and prevent fraud, as well as automating decision making and targeting marketing offers. For consumers, it provides credit report information and advice plus protection against identity theft.
Experian has over 100,000 corporate clients in the UK. These include financial services organisations, retailers and insurance companies that rely on it for credit information. It also helps public sector organisations with policy formulation and service delivery.
The company's consumer database has information on 45 million UK customers with over 1.5 million credit reports being processed each week. In addition, it has a business database that has information on four million active businesses in the UK plus over five million contact names. There's also 'marketing lifestyle' data recorded for 14 million individuals and 8.4 million households in the UK. Finally, it has live data on 31 million UK vehicles and more than 90 million DVLA registration reports.
This is an awful lot of data to record, maintain and interpret. Despite the company's 25 years of experience and the technology it employs, inaccuracies are inevitable. If you're one of the 45 million UK consumers in its database, therefore, it's probably as well that you know what they have recorded about you.
Should you apply for a loan, credit card or any product or service that requires finance (such as a mobile phone account), your credit history will be checked before your application is approved. If the lender happens to use Experian for credit reference purposes, any mistake, no matter how seemingly trivial, can result in rejection.
Before making any application, it's worth checking the content of your credit report to ensure everything is order. Experian does offer a free trial access to your credit report and reckons that 20 million people have taken advantage of this offer. You can also pay a small fee to get your statutory credit report by post or online, with advice on how to update it.
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