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Know what lenders see about you

Life Skills · Money & Finance · ages 16-18

Name ______________________ Date ____________

How should you obtain and review your own UK credit reports?
- Request a lender's application decision and use it as your full report
- Request agency statutory reports and check the recorded entries
- Request bank statements and check their recorded transactions
What can a UK credit report contain?
- Reported credit accounts, their balances and their repayment histories
- Income, spending and the repayments planned in your monthly budget
- Savings accounts, balances and the cash purchases on bank statements
For a UK default, the usual six-year credit-reporting period starts when the debt is repaid.
Circle one: True False
Why can a thin credit file make a lender's assessment harder?
- It gives evidence of late payments that the lender must assess
- It gives the lender little recorded evidence of past repayments
- It gives a record of settled repayment problems instead of current borrowing
Your report lists an address you never lived at and marks a paid debt as unpaid. What should you do?
- Ask for a higher score, leaving the entries for the agency to identify
- Contact the provider about the debt, leaving the address entry unchecked
- Dispute both entries with evidence, then check the response and report
Which pair of habits follows both the repayment-date and card-balance guidance?
- Pay by the due date and keep balances low relative to card limits
- Pay after the due date and keep balances low relative to card limits
- Pay by the due date and keep balances close to the card limits
Your salary rises but your credit-report information stays unchanged. Which statement distinguishes an agency's report-based score from a lender's affordability check?
- Income can change affordability without directly changing that agency score
- Income changes the agency score before the lender checks affordability
- Income affects that agency score instead of the lender's affordability check
You owe £300 across two cards, each with a £1,500 limit. You close the unused card. The balance stays £300. What percentage of the remaining limit are you using?
- 10% of the remaining limit
- 5% of the remaining limit
- 20% of the remaining limit

Answer key

For grown-ups. Fold this page away before handing over the rest.

Know what lenders see about you W1-mt_SfwNy9cOjb-s1

Request agency statutory reports and check the recorded entries · Use official agency access routes and review the reported entries. Your own report check is a soft search.
Reported credit accounts, their balances and their repayment histories · A credit report can contain credit-account information reported by providers. A budget and bank statements describe different information.
False · The usual six-year period starts from the default date. Later repayment updates the status but does not normally restart that period.
It gives the lender little recorded evidence of past repayments · Limited history provides less information. It does not prove missed payments, and lenders may respond differently.
Dispute both entries with evidence, then check the response and report · Explain each error and supply relevant evidence. Read the response and check the report rather than assuming correction by a fixed date.
Pay by the due date and keep balances low relative to card limits · On-time reported payments and low balances relative to limits can support credit history. They do not guarantee a score or approval.
Income can change affordability without directly changing that agency score · Salary is separate from the agency's report-based score. A lender can assess income alongside spending and other commitments.
20% of the remaining limit · One £1,500 limit remains. £300 ÷ £1,500 × 100 = 20%. The balance did not rise, but available credit fell.