Check My File

UK’s leading credit agency set for further expansion with the arrival of superfast broadband

When Barry Stamp and Peter Kent realised that consumers were increasingly interested in having access to personal credit reports they decided to capitalise on this new consumer trend and launch their new business from Cornwall.

To start with, Stamp, previously Director & General Manager of Experian, and Kent, the operational vision behind online banking service Egg, set up Checkmyfile - an online business based in Truro. It became the first company in the UK to give consumers online access to credit reports - three years before any other company.

This Cornish company then went on to become the first in the world to provide people with a credit scoring tool to help them find lenders matching their credit ratings. This helped people to find cheaper credit more easily and to reduce the risks of being refused.

“We realised the internet offered a unique opportunity to try things differently so in March 2000 we set up Checkmyfile in Cornwall. The concept of offering impartial, unbiased and objective advice online, helping consumers take control of the credit information held about them was a countrywide first,” says Stamp.

“Uniquely, we explain the very important differences between the public credit files that are available to most UK companies, landlords and employers, and the full private credit files that are available only to the top 200 or so credit grantors. This plus our speed of customer service – set to be further improved by Cornwall’s Superfast Broadband – sets us apart from our competitors,” he continues.

As the country emerges bruised from the recession, business is booming. The UK market leader, Checkmyfile currently has over 1.75 million customers, with over 2 million online credit reports served since 2000 and publishes an annual survey on bank and credit card satisfaction.  The Banking and Credit Card Survey is one of the largest of its type in the UK.

The survey provides critical independent insight to consumers on the service history of financial institutions, allowing them to make more informed decisions when choosing a supplier. It also ensures that applicants are matched to lenders who are most likely to say yes. When matching lender appetite to the consumer needs, the company also checks that the APRs on offer are in line with the creditworthiness of the customer, so customers don’t pay over the odds. It’s also a valuable opportunity for this pioneering business to make decisions on how to improve their service.

Stamp comments: “Cornwall has been an ideal business location for us. We are gearing up for further expansion as we are starting to look at what potential superfast broadband will bring to our business and how we can further enhance our consumers’ experience.”

www.checkmyfile.com

View Check My File's video from the launch of SuperFast Broadband in Cornwall.