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
Please send me emails with the latest Moneyfacts news, best buy products and specially selected third party offers
‘Tis (just about) the season to be jolly, but before all that festive fun begins, chances are you’ve... More
Credit card debt is scary at any time of year. While most might assume that opting for the longest d... More
If you regularly use cards to pay at the till, you may have considered opening a reward credit card ... More
We are now less than 70 days away from Christmas, and with 70% of people admitting they haven’t star... More
Debt is becoming an increasing problem, which is why those who have no credit commitments often feel... More
Getting a long 0% balance transfer credit card can reduce your debt quickly and cheaply. But there a... More
Find out who provides your credit card. Most branded cards are issued by another provider – this cou... More
They’re so easy aren’t they: credit cards? It lands on your doormat, 85.60 x 53.98mm of pure spendin... More
Virgin Money has launched a new purchase credit card with an introductory purchase term of 27 months... More
Halifax has launched a new low rate credit card, whose features have been deemed attractive enough t... More
Sainsbury’s Bank has reduced the APR on its low rate credit card by an impressive 4.0%, which has se... More
Lloyds Bank has reduced the introductory balance transfer fee on its leading balance transfer card. ... More
Bank of Scotland has reduced the introductory balance transfer fee on its leading balance transfer c... More
Moneyfacts.co.uk will, like most other websites, place cookies onto your computer’s
hard drive. This includes tracking cookies.