Credit Score

Your National credit score in the United Kingdom is part of your credit file, and is used as an indication to lenders to just how credit worthy you are. 

In the United Kingdom credit scores go from 0 to 999. 0 is the lowest score you can get with 999 being the highest. No one really knows just how the exact credit score is worked out, however it is made up of how you have previously managed your credit accounts in the past. 

Your credit score will reflect things like

• If you always repay your credit accounts on time
• If you have had credit in the past
• If you are late making repayments
• If you have defaults
• If you have moved locations and not told the lender and/or not repaid debts etc

Your credit score will effect your ability to get credit, lenders will do a credit search on you before deciding about lending etc. The credit score will indicate to them just how credit worthy you are, in other words if you should get that loan, credit card, mortgage, car finance etc. 

Your credit score will also effect what interest rate the lenders offer the credit facility at. The higher your credit score, the lower the risk they will consider to be when lending you money, goods or services. And as they consider you a low risk, meaning that you will repay on time and in full, they will in theory charge you less interest on the money owed. 

 Click here to get a free copy of your credit report and see what your credit score is.

 For more information on your credit report and what extra information that contains as well as your national credit score, please visit the credit report page.