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Why the UK’s credit reporting system is being left behind

Many countries around the world already enjoy free credit reports, why doesn't the UK?

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The uSwitch It’s My Report campaign calls for free annual credit reports for all, as well as standardised credit scores and making it mandatory for companies to specifically tell applicants why credit was refused.

Currently UK consumers have to pay a £2 fee for access to their report on top of a ‘monthly subscription’ fee of around £15 to credit referencing agencies, although many agencies do offer one-off free trial periods.

However, credit reporting in other countries is already very different.

Other countries get free credit reports

The campaign takes its inspiration from the many countries around the world who already have free annual credit reports.

Consumers in Canada and New Zealand enjoy free access to their credit reports whenever they want, although New-Zealanders and Canadians do have to pay charges for postage to gain access to hard copies of their report.

Many countries already have the system the It’s My Report campaign is calling for. Notably Australia, South Afirca, Hong Kong, Germany and the USA all offer their citizens one free credit report per year.

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The argument in favour of free credit reports is that access to information allows people to easily review and amend it if necessary. This can be good for consumers and makes the lending market more efficient, as well as empowering people to take control of problem debt.

David Mann, Head of Money at uSwitch, said “All consumers should have free access to their own personal credit report – not only to view it, but to check it thoroughly and correct any errors.

“That’s why we are launching ‘It’s My Report’ so consumers can regain control of their own information and take action where needed to ensure they always get the best possible deal.”

How we want UK credit reporting system to work

However, we are asking to go further and to lead the world in consumer credit reporting. We want UK consumers to enjoy:

  • Free access to credit reports and score once a year
  • Credit providers have to give specific reasons why credit was refused
  • Standardisation of the credit score scale used in the UK

To help us achieve this sign the It’s My report petition.

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  • dbt

    The UK banking and financial services RIP OFF seems to be carrying on regardless of the the punters who they treat with derisory scorn and patronising elitism. Just compare in some European countries when one
    deposits money into a bank, it is registered and in your account within twenty four hours ! Whereas here in the UK it can take 3-5 days before it appears on your account. The five digit internet account that my Bank Barclays asks me to put in for security is PATHETIC ! We need a better system of security online then this pathetic attempt! The debit and credit cards have tiny lettering and are silver topped so as to make it nigh on impossible for elderly people or people with sight problems to read! I can go on and on with more failings in our Banking systems and the way they treat us and the worst is the derisory interest one gets on a current account never mind the insulting amount one gets from one’s saving accounts, PATHETIC yet again ! And to finish off the insults they heap upon the public at large we have an insufficient, nay inept government body called the banking ombudsmen who seem to sit on their proverbial asses staring out the windows playing no real role in improving the relationship between banks and us the suckers who have to deal with these sick institutions; they have no notion of ‘PRE EMPTIVE’ solution to our woes in this sad little island! PATHETIC!!!

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