Free Credit Score from Experian
What is a credit score and credit report?
When you apply for credit such as a credit card, mortgage, loan, or even paying your car insurance monthly, the lender will usually access your credit score and report from various credit reference agencies in order to help them make a decision about whether or not to approve your application.
A credit score is based on your past credit history. This information includes the type of credit you have previously applied for from various lenders, the amount of credit and an analysis of your repayment record. All of this information is factored into determining your current credit rating or credit score.
Information used to calculate a credit score
A credit score is derived from multiple sources of information including:
- Lenders you have previously had dealings with such as banks and credit card companies
- Financial information from utility providers such as gas or electricity and mobile phone contracts
- Public records such as local authority electoral roll information on County Court Judgements (CCJs) and bankruptcies
- Your full name and any aliases you have had
- Your current and previous address history from the electoral roll
- Credit agreements you have applied for in the past
- Financial associates such as a joint mortgage
- Your repayment history
- Information on County Court Judgements or insolvency issues
Why should I access my credit score?
Getting access to your credit score and credit report may help you understand your credit situation when applying for credit such as getting a mortgage or loan. It's always worth checking your credit score before applying for credit as you can avoid failed applications which may be added to your credit history.
It may also help you identify issues with your credit history which is preventing you from obtaining credit or it may highlight some inaccuracies that you need to get corrected.