Your credit score plays a crucial role in your financial life, influencing the affordability and accessibility of various financial products like loans, mortgages, credit cards, and overdrafts. It can also impact other aspects of your life, such as renting a property or even securing employment. Individuals with low credit scores may face significant challenges when seeking credit or financing options. On the other hand, those boasting high credit scores usually have a smoother experience obtaining finance and can often secure it at more favourable interest rates. Consequently, they stand to save a considerable amount of money on their borrowed funds.
how do credit scores work?
Whenever you seek credit or financing, the lender assigns you a unique and confidential credit score based on your specific situation. There’s no universal credit score since each one is tailored to an individual’s circumstances. The credit scores supplied by the three main credit reference agencies – Experian, Equifax and TransUnion – serve as indicators of your current credit health. They allow you to gauge the state of your credit, identify if improvements are necessary, and estimate your chances of securing finance based on your indicative credit score.Before applying for any credit or financing, it’s recommended that you review your credit score. This can provide insight into your likelihood of approval and the potential for favourable rates. Also, if you’re working towards enhancing your credit, regular checks on your credit score are suggested. This allows you to effectively track your progress.
what is a good Credit Scores from Experian, Equifax and Transunion
Very Poor / Poor
Poor / Fair
Fair / Good
Very Good / Good
How to access your credit score
Check out our free credit score comparison page to see select the best credit score service.