Will applying for a Credicorp loan affect my credit file?

Any consumer-credit lender in the UK that uses credit reference agency data has to be straightforward about how that data is used and what it adds to your file. Here is how it works for us.

Searches when you apply

When you apply for a loan, we may run a credit reference check to help us assess affordability. That check leaves a record on your credit file (called a “search footprint”) that other lenders can see for a period afterwards. A single search has only a small effect on your credit position; many searches in a short period of time can have a larger effect because they suggest active credit-seeking.

Some quote tools elsewhere on the market use a “soft” search that does not leave a visible footprint. Where soft-search tooling is available we will say so clearly on the relevant application screen.

Once a loan is in place

If your application is accepted and the loan goes ahead, the account and how it is performing can be reported to credit reference agencies. That means:

• payments made on time build a record of good account management;
• missed payments, arrears or arrangements may also be reported;
• once the account is settled and closed, it remains visible on your file for a period (typically six years) so future lenders can see the full picture.

How to see your file

You can check your credit file at any of the three main UK credit reference agencies — Experian, Equifax and TransUnion. Each is required to give you free access under data-protection law. Looking at your own file does not affect your credit score.

If something looks wrong

If you spot an entry on your file that you think we have reported incorrectly, please raise it with us — the General Support Enquiry form on our Forms & Requests page is the right place to start. We will investigate and, if a correction is needed, ask the relevant agency to update the record. Our Privacy Policy sets out the full detail of how we use credit reference data and your rights over it.