What is a split credit file?
Errors in your credit report can cause major problems when it comes to securing a car lease. It is vital that you check your credit report on a regular basis to ensure mistakes and split credit files are rectified.
What is a split credit file?
A split credit file occurs when your information is divided across two or more separate credit reports. This means that a search run on your name will not always return all the necessary information or it may result in more than one credit report being linked to you. This can lead to a poor credit rating.
However, a lack of information in one of your credit reports does not automatically indicate a split file. As noted previously, some lenders only submit information to one credit reference agency, which can lead to missing information in certain reports.
“It is important to check your credit report regularly to ensure any errors and mistakes are rectified promptly.”
What causes a credit report to split?
It is wise to be aware of this issue, as a split credit report can damage your credit rating by not giving a true reflection of your current financial status. For example, where you have two credit reports, one may only show very new accounts, which indicates to a lender that you have no credit history. On the other hand, a report that shows only older accounts can also damage your score, as it appears that you are no longer using credit.
How do I resolve a split credit file?
If you do discover a split file, contact the credit reference agency in question and explain the situation. They will investigate this further and merge the two reports together. You will likely need to provide documentation as proof of the missing accounts, but ultimately, the problem can be rectified.
If you have bad credit because of the split file and you are in the process of applying for a car lease, you may be able to contact the car leasing company and inform them of the situation. In which case, they can obtain a credit report from another credit reference agency.
“Your credit report may split in two if it contains too much information, causing problems when you apply for credit.”
Will a split credit file prevent me getting a car lease?
A split credit report can damage your credit status due to a lack of or incorrect information being included in your report. A split credit file may cause some of your accounts to be omitted from your report, which means your credit file lacks in history. Alternatively, you may find information in your report that does not belong to you. Mistakes in your file can result in car leasing applications being rejected, so it is important to check your report regularly for any inconsistencies and rectify these promptly.
If you struggle to secure a car lease, Eureka may be able to help. We focus on helping those with poor credit to obtain a personal car lease.