The FCA's latest Financial Lives survey (opens external site) offers some fascinating insight into what people in the UK know about credit reports and scores. Some encouraging news — and some gaps that need closing.

Checking is on the rise#

People are becoming more proactive. 34% of UK adults got their credit report or checked their score in the 12 months to May 2024 — a 6% increase since 2022.

Young adults are leading, with 52% of 25 to 34-year-olds having checked in the past year.

Why people check#

The motivations were mostly practical: 66% wanted a general sense of where they stood financially, and 41% were simply curious.

Around one in five used it to check their eligibility for credit — a genuinely good habit, since making sure everything is in shape before applying saves time and can improve your approval chances.

The awareness gap#

Despite the increase, nearly one in five adults are unaware they can obtain their credit report or score from a credit reference agency or credit information service.

The gap is widest among younger adults: only 59% of 18 to 24-year-olds knew they could access their credit information.

Understanding what you're looking at#

Access is one thing. Understanding is another.

Fewer than two in five (39%) who checked in 2024 said they understood it very well. Around one in ten (9%) didn't understand it very well, or at all.

So while people are getting better at staying informed, many find it a challenge to make sense of what they're seeing.

Raising disputes#

The survey also looked at what happens when people find errors.

10% of those who checked their report identified an error or issue — roughly 1.8 million adults who found something wrong.

Of those, about half (47%) successfully got the error corrected, while 30% hadn't yet resolved it. Which underlines why regular checking matters: errors happen, and they affect your ability to get credit.

The research shows we're heading in the right direction, with work still to do.

Checking your credit report isn't only about preparing for a mortgage or a loan. It's about staying informed, spotting errors early, and building habits that keep your credit health in check long term.

The key things to remember#

  • 34% of UK adults checked their report or score in the year to May 2024, up 6% since 2022.
  • 52% of 25 to 34-year-olds checked — the most proactive age group.
  • Nearly one in five adults don't know they can access their credit information.
  • Only 59% of 18 to 24-year-olds were aware they could.
  • Just 39% of those who checked said they understood it very well.
  • 10% found an error — around 1.8 million adults.
  • Fewer than half of those errors had been corrected; 30% remained unresolved.