The difference between a statutory credit report and a credit report

When it comes down to debt and credit score, we are always navigating in a mess of terms and definitions. You might have heard of credit rating, report, but also statutory report. There are different ways you can get the first for free, with some more additional information. You can also signup to free trials to get a full report. The other option is to pay £2 to get a statutory credit report.

What is a statutory credit report?

We have already covered this credit report extensively. This is the same exact information your lender receives when you apply for a loan. They use it to make a decision based on your financial history, which they can see up to 6 years. Under the Consumer Credit Act 1974 you have the right to request a copy of your credit file for just £2.

What is the difference from a credit report?

You can apply to get your score and report through the three main credit agencies in UK: Experian, Equifax and Callcredit. There is no difference between the first and the second. You will see the same information in both.

The agencies may present your score with a better layout and will try to add more value with supporting information. While the statutory report is a one off, the bureaus, through their subscription models, provide the report/score at anytime and also send you alerts, in case of changes. If you also want to see what loans/credit cards are more suited to you, the agencies are the best place.

What’s best for me?

Having the statutory credit report available is required by law; but it doesn’t mean you have to use it or request it. There are different ways to just access your score and report for free, apart from free trials, including ClearScore and Credit Matcher. It doesn’t make any sense to pay £2, unless you are curious and want to be certain that every information is right.

Edoardo Moreni

I am the co-founder of Emma. I was born and raised in Rome, but went to Uni of Manchester, where I got my MEng in Computer Science. As a true Italian I love sushi and ramen. ;)