It’s recommended to keep an eye on your credit score so you can stay up to date with and improve your credit position and correct any mistakes that could cause problems. This is especially true if you’re about to get a mortgage or remortgage. Your credit score is one of the deciding factors for lenders, so monitoring and improving your credit health can increase your chances of being approved and could possibly give you access to lower rates. It’s also a good idea to have a copy of your credit report to hand when meeting a mortgage broker, as this can speed up the process.
If you’ve already started looking into how to check your credit score in the UK, you may be wondering what CheckMyFile is and whether it’s the best way to access your credit report. In this guide, we’ll explain what CheckMyFile is, how it works, how it compares to other credit reference agencies, and much more.
Although we recommend sticking with CheckMyFile if you can, some people choose to cancel their subscription once their mortgage has completed. If you would like to cancel your CheckMyFile account, please see our handy guide, ‘How to Cancel CheckMyFile – Step-By-Step Guide With Pictures‘.
What is a Credit Score?
A credit score is a simple, numerical representation of your creditworthiness. Essentially, it gives lenders an indication of how likely you are to pay back borrowed money on time. At CheckMyFile, your credit score can range from 0-1000, with scores in the lower ranges suggesting you’re more likely to default, and scores in the higher ranges suggesting you’re more likely to keep up with your payments.
The key benefits to having a higher credit score are that you’ll have a better chance of being approved for mortgages and loans, and potentially have access to better rates and terms. However, it’s worth noting that lenders don’t make decisions based purely on your credit score – they’ll also take into account other factors such as your income, outgoings, and debts.
How Do Credit Scores Work?
Credit reference agencies like Equifax, Experian, and TransUnion, collect information about your credit history from various sources, such as banks, loan providers, debt collection agencies, and public records. They then analyse your credit information, especially your payment history and how much credit you’re using out of your total possible credit limit, to generate your score. It’s worth noting that each credit reference agency uses a slightly different model and therefore your credit score will likely vary depending on which agency you use. Lenders tend to use one of the three credit reference agencies and you won’t know which one. Keeping track of all three is time-consuming and this is where CheckMyFile comes in. CheckMyFile pulls data from all three of the main credit reference agencies and allows you to see all three reports in one place. They also give you a credit score based on all three sets of data, making it a more accurate and balanced representation of your credit status.
Being able to easily view all three credit reports on one screen allows you to spot and correct any mistakes that could be damaging your score, and make other improvements to your creditworthiness over time.
What is CheckMyFile and How Does it Work?
CheckMyFile is a credit reporting service based in the UK. It allows you to access your credit history and credit score from all three major credit reference agencies (CRAs) in the UK: Equifax, Experian, and TransUnion.
Here’s a breakdown of how CheckMyFile works:
1. Data Collection:
- CheckMyFile doesn’t have its own credit data. Instead, it gathers information from the three main credit reference agencies mentioned above and presents it in one place.
2. Report Generation:
- CheckMyFile combines the data from the three credit reference agencies into a single, detailed report. This report can include the following.
- Credit accounts: This includes mortgages, phone contracts, and even payday loans.
- Payment history: This shows if you’ve made payments on time or missed any.
- Public records: This may include County Court Judgements (CCJs) or bankruptcy declarations.
- Electoral roll registrations: Being registered can sometimes improve your credit score.
- Financial associations: If you’re linked to accounts with someone who has bad credit, such as an ex-partner, it might affect your score.
3. Credit Score:
- CheckMyFile also provides its own unique credit score based on the data from all three credit reference agencies. It’s important to note that this score might differ from the individual scores you would get directly from the other agencies, but in most cases it’s a more accurate illustration of your credit health.
In terms of signing up to CheckMyFile, it’s a fairly simple registration process. You will need to enter some personal information, but this is only used to access the credit data linked to you via banks and other institutions. Although it is a subscription service, they do offer a free trial, and you can cancel at any time during or after it.
Is CheckMyFile Good & Why Should I Use It?
CheckMyFile provides the most detailed and accurate credit report because it pulls data from multiple other credit reference agencies. You don’t have to just take their word for this, according to Trustpilot, CheckMyFile ranks as the UK’s best credit report service.
Using CheckMyFile allows you to:
- See a comprehensive overview of your credit information from the three major credit reference agencies.
- Identify any errors or inaccuracies in your credit reports that could be damaging.
- Monitor your credit usage and understand how mortgage lenders might view your application.
- Identify ways to improve your credit score, which in turn, gives you more chance of being able to borrow at better rates.
Does Using CheckMyFile Affect My Credit Score?
No, using CheckMyFile doesn’t leave any trace on your credit report and therefore your credit score isn’t affected. The only time your credit score can be affected by a check is when a ‘hard check’ is carried out by a lender, which usually occurs when you apply for a mortgage or loan. Simply using CheckMyFile to view your credit report won’t damage your credit score in any way, and in fact, if you use the information wisely you could actually improve your credit score!
CheckMyFile vs Experian, Equifax & TransUnion
As you may have gathered already, the main benefit of using CheckMyFile is that it gives you access to a multi-agency report based on data from all three of the main credit reference agencies – allowing you to see all three reports in one place and giving you a more accurate and detailed representation of your credit history. Experian, Equifax and TransUnion all use their own models to analyse your credit information and to generate your report, meaning your credit score can vary between these credit reference agencies. In fact, using just one of them could potentially give you an inaccurate representation of your creditworthiness and may not match what your lender will see. Using all three of them is time-consuming. That’s why CheckMyFile was created. CheckMyFile collates your data from all three of these credit reference agencies and produces a credit score that reflects the bigger picture. As lenders tend to do a thorough credit search, the fact that CheckMyFile allows you to monitor three different credit reports, makes it more likely that what you’re seeing is similar to what your lender will see.
How Much Does CheckMyFile Cost & Is It Worth It?
As of the time of writing, CheckMyFile is offering a free trial, after which there is a monthly fee of £14.99. But you won’t be locked into the subscription – you can easily cancel at any time. So whether you’re looking to get a one-off credit report to take along to your mortgage broker or you want long-term access to your credit information to monitor and improve it, CheckMyFile is a great choice.
How Do I Cancel CheckMyFile?
If you can afford to stick with CheckMyFile, it can be a really helpful tool to help you monitor and improve your credit score over the long term. However, we understand that many people only wish to use it in the months leading up to a mortgage application or other borrowing. If your mortgage has completed and you want to cancel your CheckMyFile account for now, you can follow our step-by-step guide by clicking here – ‘How to Cancel CheckMyFile – Step-By-Step Guide With Pictures‘.
The Bottom Line
CheckMyFile is a credit report service that presents data from the three main credit reference agencies – Experian, Equifax & TransUnion – in one place and gives you a credit score based on all three reports. By doing this, CheckMyFile is able to provide a more accurate, detailed and balanced view of your credit history compared to using any one of the credit reference agencies it pulls data from. By using CheckMyFile, you can get a feel for what lenders will see when they run a hard credit check on you during their lending assessment. You can also use the credit information it provides to monitor and improve your credit score and to spot and correct any mistakes that could damage your ability to borrow. Using CheckMyFile does not leave any trace on your credit history and therefore has no effect on your credit score. You can use it without charge during the free trial, after which there is a monthly fee – however, you can cancel your subscription at any time, even before the free trial is complete if you wish.
We hope you’ve found this CheckMyFile guide useful and that it helps you on your journey to successful borrowing. And no matter what credit score you have, please remember that we can always look at your mortgage options and give you the right advice. At Michael Usher Mortgage Services, we’ve been helping our local community for over 30 years! We’re not affiliated with any particular lender, so we can access a comprehensive range of mortgages from across the market to find a deal that suits your needs. We’ll guide you through the process and liaise with your lender, estate agent and solicitor to ensure your application goes as smoothly as possible, and we can also help to protect your mortgage with our FREE Insurance Service.
Talk to one of our friendly mortgage advisors for free to get going quickly. Our head office is on Frimley High Street, but we can also help you remotely via phone or video call if you’d prefer. We look forward to chatting with you!
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