What is a credit record/report used for?

Whenever you apply for credit with a financial service provider, they will complete searches with their preferred credit reference agencies to check your credit record for the information they hold on you.

Your credit rating, worked out from the conduct of your credit report, is a general interpretation of how much of a ‘risk’ the financial services provider might think you are and will consider this when deciding whether to offer you credit.

Financial service providers will also use a combination of your credit score and credit report conduct to assess what type and how much credit to provide you and what interest rates you will pay.