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Credit reports now online 13 July 2010
Steven Jackson (about the author)

Consumers can now access their statutory credit report online for a £2 nominal from all three major credit reference agencies, after an agreement was struck with the government.

Equifax, Experian and Callcredit reached an agreement with the Department for Business, Innovation and Skills to enable consumers to have easier access to their credit reports.

Continued free access to credit reports for victims of ID fraud and the financially vulnerable has also been secured. Previously, statutory credit reports for £2 were only available by post, which could take seven days to arrive.

Consumer minister Edward Davey said: "These are highly beneficial changes. All consumers now have easier access to their £2 statutory credit reports, with victims of ID fraud and the financially vulnerable receiving free access to their reports. These significant improvements will help consumers take better control of their finances."

Debit or credit card required

Steven Jackson of Beatmydebt.com welcomed the news. "Customers have been able to get a copy of their credit file on line for a number of months now and I am please that all three main agencies have come up to the same standard" he said

Users of the service will need to remeber that they will have to supply an e-mail or fax copy of the following information: 

One Statement - Dated within the last eight weeks, addressed to you at your current address. Documents accepted are Utility Bills or Bank Statements.

One Photo ID -  One copy of a photo ID, Drivers Licence or Passport

Jackson added a concern that the online service is only available for those with access to a credit or debt card.

"Each file costs £2 and must be paid for online with a plastic card. People who do not have access to credit or debit cards will still have to apply for their file in writing and pay by cheque or postal order" he warned.
 
Easy access to your own credit information

Which? chief executive Peter Vicary-Smith said: "This should provide a quicker and more convenient access for consumers to their credit file, and could encourage more people to check their file more regularly.

"This is a welcome initiative in the battle against fraud and the elimination of faulty data."

Neil Munroe, external affairs director at Equifax, said: "Since we launched our instant online consumer credit file services in 2004 we have been determined to give individuals as much insight as possible into their credit data.

"Having easy access to your own credit information puts you in the strongest possible position to get the best financial deals for your circumstances as well as generally manage your finances."

"Adding the £2 statutory credit report to our online services is obviously essential to give consumers complete choice – and we were delighted to be able to demonstrate to BIS, as part of their investigations last year into consumer access to credit information, that this was something we were already trialling."  

Source: Credit Today