Lending term
Credit File
The record lenders consult
Definition
The record held by a credit reference agency showing an individual's borrowing, repayment history, and search activity, used as one input into lending decisions.
In more detail
A credit file is descriptive, not a decision. Lenders combine it with income, expenditure, and their own policy rules, which is why one lender declines an application another approves on the same file.
Entries have defined retention periods, and the file records searches as well as accounts. Hard searches associated with applications are visible to other lenders for a period.
Glossary entries are general explanations, not advice. Where a term appears in a contract or policy, the definition in that document governs.