What does U mean on your credit report?
25th Jan 2017
There are a number of reasons why you should check your credit report regularly. Lenders review your credit history when you apply for credit, employers may ask to access your credit report for a job application, and it's a good way to spot fraud early.
But what do the numbers, letters or symbols on your credit report mean? To help you understand these status codes, we're taking you through the most common letters including 'U'.
Your credit report at a glance
There are three credit references agencies in the UK – Experian, Equifax and CallCredit. Each credit reference agency can hold different information about you – that’s why you should check all three regularly.
The way credit reference agencies display this information can differ too. Most credit reports feature status codes that can be numbers, letters or symbols. Credit reference agencies can use these codes to indicate how you made credit payments.
Recognising what these codes mean can help you to understand the details of your credit history – and could even help you to spot a mistake.
So what do these letters actually say about you and your credit history? Let’s take a look.
Account in early arrears (1-2 months)
Sustained arrears (3 + months)
Debt transferred to another collection company
Account in default
Debt management programme in force
Okay – repayment requirements fulfilled
Partially satisfied (lower amount accepted by lender)
Query (account under review)
Satisfied (closed following default)
Unclassified or recently opened account
These are just a few of the status codes you could find on your credit report. The letter U stands for 'unclassified' and is something a credit agency will register to show that there was no update to an open credit account.
Credit reference agencies usually update open credit accounts monthly with the latest balance and status codes. You usually see the status code U at the start of a credit agreement when no payment is due for some time. But don’t worry, seeing a row of Us on your credit report isn’t anything to worry about – it won't damage your credit score.
If you're ever unsure of a code on your credit report or think it's wrong, query this with the credit reference agency.
Where can I check my report?
You can sign up to a monthly subscription service with Experian or Equifax for £14.99 and £14.95 respectively, after a 30-day free trial. This will give you access to an extensive credit report whenever you want. These services also come with extra features such as fraud protection and score guidance.
Don't forget, as it's your legal right to be able to check your credit report, all three credit reference agencies offer a statutory report for £2. While this isn't the most in-depth look at your credit history, it will give you a snapshot.
Alternatively, you can get a free monthly credit report with CreditMatcher, Noddle or ClearScore. Experian’s information appears on CreditMatcher, CallCredit supplies the data for Noddle, while Equifax supplies it for ClearScore. They’ll give you a basic look at your credit history. Just be aware that you'll see adverts for credit cards or loans when using these reports, but you're not obliged to take any out.
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