How does the credit rating scale work?
It’s all very well getting your credit rating. But if you don’t understand the meaning behind the numbers, you won’t know whether your credit history is jeopardising your chances of getting credit.
What is credit scoring?
It’s a score out of five, generated based on the information in your credit file. The rating is generated by us for your information and reference: it is not provided to lender, as they will have their own criteria for deciding what level of credit risk you pose.
To get a brief explanation of what each number on the scale means visit out desktop site.
How is your credit rating calculated?
In a nutshell, it’s calculated using public and financial information from your credit report. This includes:
- Your past and current credit arrangements and how much you owe
- Late payments
- The length of your credit history (longer is better)
- Any bankruptcies or insolvencies
- Any court judgements made against you
- Information confirming your identity (presence on the electoral register)
- Your financial associates (people you have a joint bank account or mortgage with)
Where can I get my credit rating?
You can access your statutory credit report using the link below:
- Statutory Credit Report – Access your statutory credit report online or by post to make sure there is nothing stopping you getting accepted for credit. And even if you’re not applying for credit right now, check your credit report regularly to help identify fraudulent activity.
Sign up today to see how your credit history could be affecting your credit applications.