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What are Credit Reports?

Credit Reports – Explained

Secured Loans > Our Loans > Bad Credit > Credit Reports explained

Anyone over the age of 18 who has ever secured credit will more than likely have a credit report. A credit report contains information about a person’s credit history. Details about mortgages, overdrafts, homeowner loans, mobile phone contracts, credit cards and some utility bills will be included.

Lenders use credit reports as part of the assessment process when determining whether or not to approve a loan. The report provides them with a snapshot of how an individual copes with their finances.

Lenders must have permission to view a credit report. They will use it alongside additional information to calculate an individual credit score. Lenders use the credit score and report to work out if they can offer a loan, how much it will be and the charges they will apply to the account. In principle, those who have an exemplary credit report may be offered lower rates of interest and their credit limits may be higher.

What Information Is Included in a Credit Report?

A credit report typically contains details that will help lenders to assess how reliable a person is as a borrower. They will also use the information to check the identity of the applicant. It may contain the following things.

Name and Address Details

The electoral roll register will provide a view of the applicant’s current name and address. It will also show details of any address they have lived at in the last six years.

Account information

A credit report will list credit accounts the applicant holds. It will show whether or not repayments have been made and if they have been made in full. Details of any late or defaulted payments will also be included. Late or missed payments, bankruptcies, Individual Voluntary Arrangements (IVAs) and County Court Judgements (CCJs) will be listed, remaining on the report for six years.

Financial Associates

The report will list all those who have shared a financial connection with the report holder. Although there will be no details from the reports of financial associates, lenders may be entitled to review their reports also if it is deemed that their circumstances may impact the applicant’s ability to repay a loan.

Where Does the Information Within a Credit Report Come From?

There are two main sources of information for a credit report: firstly, information that is available publicly, such as details of court judgements and from the electoral roll; secondly, historical credit information, including loan amounts and details of repayment history, which lenders will often make available. This information may be shared when there has been a default, or updated monthly regardless of status.

Why Should a Credit Report Be Checked Regularly?


Moving House or Changing Jobs

Prospective landlords and employers may request to see a credit report in order to assess the suitability of the applicant to rent a home or to take on a position of responsibility. Ensuring the report is in order is essential in making sure it does not impact negatively on employment prospects or being able to take on a new rental contract.

Credit Applications

Those wishing to apply for a new credit account should first check that their report is fully up to date. Incorrect information could affect the applicant’s ability to obtain credit. If the information is not accurate, it is important to apply to get the details corrected.

Identity Theft

One of the biggest problems today is identity theft. Criminals are using personal information to set up accounts fraudulently. Regular monitoring of a credit report will ensure that the holder is quickly alerted to any unusual activity and that issues are dealt with early on, before they spiral out of control.

Warning: Late payment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

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Our Address

Evolution Money,
9 Portland Street,
M1 3BE

Registered Company Number: 06987852

Contact by Phone

General Enquiries:
0161 814 9158

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Contact by Email

Evolution Money Limited is a licensed credit broker and service provider to Evolution Lending Limited. If your application doesn’t meet the underwriting requirements of Evolution Lending Limited we may pass your information to other lenders and brokers. Evolution Money Limited is a company registered in England & Wales, registration number 06987852 and registered at 8 St John Street, Manchester, M3 4DU. Authorised and regulated by the Financial Conduct Authority, firm reference number 708324.

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Fair Processing Notice

Who we are:

Evolution Money Ltd, Progressive Money Ltd and Evolution Lending Ltd are all wholly owned subsidiaries of Darwin Loan Solutions ('the Group').

We take your privacy seriously and will only use your personal information to

A) Discuss loan offers and provide you with the products and services you have requested.
B) If you take out a loan with us and become our customer, it will also be used to manage your loan.

We'll keep your details for up to 12 months to enable us to help you with your loan application. If you don't take out a loan with us, we will delete your enquiry details unless regulations say we must keep them for longer.

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Our companies hold and process your personal data in accordance with Data Protection law in the UK. We are committed to maintaining the privacy and protection of all personal data collected in connection with our broker and loan services. We may share your information with credit reference agencies and other companies for use in credit decisions, for fraud prevention and for debt collection purposes.


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You can change how we contact you at any time by simply getting in touch with us on FPNandmarketing@darwinloansolutions.co.uk or 0161 814 9210.

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