A small time spent checking your details through one of our partners below could be an excellent investment for improving your financial future.
Your credit score will vary between banks and building societies. That's because they all use different methods of calculating it, based on their own analysis of your credit history. Your credit report will list your credit accounts such as store cards, credit cards, mortgage, loans, car finance, your repayment record and much more. It can make all the difference between getting the card, loan or mortgage you want and a string of puzzling rejections.
If you're over 18 and have ever taken out a credit card, store card, catalogue account, utility bill account, mortgage or loan (apart from a student loan), then you have a credit report, which is held securely by a credit reference agency.
A credit reference agency is allowed to compile information about your credit applications and payments and send it on to any UK individual to prospective lenders. Experian (Credit Expert) is the UK's largest but there are others such as Equifax and CallCredit who power Checkmyfile amongst others.
The credit card, store card, loan or mortgage that you are applying for will only be available to you if your credit score meets or exceeds the minimum level set by the lender.
If your rating is lower than this you will either be offered borrowing at a higher interest rate, or declined it altogether. The more declines you get, the worse your credit score becomes, increasing the risk of tarnishing you with an adverse, poor or bad credit label.
Read our 9 steps to score on your credit rating guide
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