Want to find out what your credit score is? Looking to learn more about your credit report? Loqbox is here to help. In this blog we’ll answer some of the most common questions people have about their credit scores and credit reports.
What is my credit score?
Your credit score is a number that helps you to understand how a lender or credit provider views you. Think of it like a school report card that shows if you’re on the right track.
When you apply for credit (i.e. taking out a personal loan), you can use your credit score as a guide to help you judge whether or not you’ll be accepted.
Having a good credit score influences the interest rates you’ll be offered on financial products, meaning a better score could save you a lot of money in the long run. If you want to learn more about what influences your credit score, check out our blog on how credit scores are calculated.
It’s not an exact science, but building a long and healthy credit history, and ensuring your personal details are correct across the three CRAs are the best ways to make your credit score reflect your creditworthiness.
How do I find my credit score?
If you’re trying to check your credit score for the first time, or if you want to know the best places to check your credit score, this section of the blog will help you do just that.
Firstly, it’s important to note that the UK has three main credit reference agencies (CRAs), which are Equifax, Experian and TransUnion. Each of these CRAs will have their own credit score for you.
You can check your credit report with each of the three CRAs for free using these services:
Still want to learn more about your credit score? ‘Your credit score explained’ should answer any other questions you may have.
* Just for transparency, if you decide to sign up to ClearScore using this link, we’ll receive a small commision.
What’s the difference between a credit score and a credit report?
The credit report is the overall credit history plus your personal details like your address history, any missed payments, or CIFAs (notice to show if you were a victim of fraud).
If your credit score is the report card showing how you’re doing, then think of your credit report more like your GCSE results at the end of exam season with all the evidence of your grades.
The lenders and credit providers that you apply for credit from, look at information in your credit report to determine whether you qualify for things like credit cards, loans or mortgages.
Who sees my credit report?
If you’d like to see your report from each of the credit reference agencies, the ClearScore, Credit Club and Credit Karma links above will let you check whenever you need to, for free.
2. A lender that you’re applying for a financial product from
Let’s say you’re applying for a new phone through a contract provider — they’ll take information within your credit report and run your details through their own algorithm to make a decision to lend to you.
3. Your employer, landlord or letting agent acting on their behalf
Although, if they do request access to this, they’re only able to peek at the public information available — the addresses you’ve been registered to vote at, any serious debts that you couldn’t repay, or when that’s been escalated to County Court Judgments (also known as ‘Decrees’ if you live in Scotland).
How do I check my credit report?
Your credit report contains information about you and your financial behaviour. This includes any credit you’ve had previously on things like credit cards, as well as loans and mortgages.
Like we mentioned before, the credit reference agencies will use the information on your credit report to determine whether or not to lend to you, so it is important to make sure that the information on your credit report is accurate. If you’re not sure how to check your credit report you can do so using the three services we linked above: , ClearScore*, Credit Club and Credit Karma.
When looking at your three credit reports, check if you have any incorrect or differing personal information (like your address history) between the three. These differences can damage your chances of getting credit, so make sure you correct any mistakes.
It is also important to make sure all of the information in your credit report is correct. If you notice any mistakes, check out our blog on how you can fix mistakes on your credit report.