WHAT IS MY CREDIT SCORE?
Simply put, it is a number based on credit data captured from many sources including bills, loans, credit cards and utilities.
It’s an important number, as companies use it when deciding whether or not to give you credit and at what rate of interest. Typically, the higher your score the better, as lenders will view you as lower risk and offer lower rates.
Tracking providers include Clearscore and Experian. Go to Clearscore to see yours for FREE.
This information is intended for editorial purposes only and not intended as a recommendation or financial advice
- How do I get my score? You can check your credit score at any of the major credit score companies, usually this is free to do.
- How do I build my credit score? Show that you pay bills each month on time and you can handle you money: e.g. monthly payments for credit cards or loans
- How can I improve it? There are ways to boost your score – find out how to do this at experian.com/boost or creditkarma.com/scoremore
- What’s the benefit of a good score? If you’re planning to take out a loan, a good score means that it’s likely you will be accepted and may get a better rate. In the future if you look to buy a home and need a mortgage this will be something any lender checks to find out if you can keep up regular repayments.
- Our top tips for you? Keep an eye on it – you can check for free! Try to improve your score by keeping on top of repayments and building your credit profile