Do you know what your credit score is, and whether it's good enough? To find out you need to ask one of the three main UK Credit Referencing Agencies (CRAs) or any of the companies they work with such as ClearScore, TotallyMoney or Credit Karma
The three main CRAs in the UK are Experian, Equifax and TransUnion - each of which will provide your score for free, although how much information they also give you about what’s in your credit file for free varies.
Experian Score
Experian provides users with their credit score every 30 days as well as deals on credit cards, loans and mortgages. They also offer Boost which, as the name suggest, can also help boost your Experian credit score.
To access your credit report, Experian asks you to upgrade to its paid-for CreditExpert service. This enables you to track improvements in your credit score, receive tips on how to improve your score and understand the factors that affect it. This includes things such as payment history, county court judgements, bankruptcies, change of addresses and number of credit searches.
Equifax Score
ClearScore uses scoring data supplied by Equifax and after you’ve signed up will tell you what your score is, and reveal your credit report details, for free. Although there is no cost, the site will send you deals for credit cards and loans based on your score.
TransUnion Score
Like the other CRAs TransUnion will also provide you with a credit score which you can access through some of their partners like TotallyMoney - your get your score and report for free and in return offers registered users access to credit card, loan offers and other money saving offers and vouchers.
What to do if you see a mistake?
If you believe information within your credit report is incorrect and perhaps the result of a fraudulent credit card application, for example, then you’ll need to contact the credit agency in question ask them to investigate it.
They will then go back to the lender involved and check the accuracy of the entry. Even if they won’t agree to your credit report being amended then Experian, for example, allows you to add up to 200 words explaining why you think the information is inaccurate. This will be added to your report. Or you can escalate the matter to a third-party adjudicator such as the Information Commissioner’s Office.
CreditLadder can help you improve your credit score
If you want to improve your credit position by reporting your rent payments, CreditLadder is the only way to improve your credit score and position across all four of the main Credit Reference Agencies in the UK, namely Experian, Equifax, TransUnion and Crediva. Building up a high credit score has a lot of benefits, including helping you access finance at better rates - this can also help save you money.
CreditLadder also runs a free mortgage application service in partnership with Tembo which will tell you how much you could borrow.
Remember the information provided in this article is for information purposes only and should not be considered as advice.
