A credit score is an assessment by a particular lender of how much of a credit risk you are, based on its own criteria and typically including CRA information.
A good credit score is no guarantee you’ll be able to borrow money or your application approved since lenders have different criteria for choosing customers.
What is included in my credit score report?
Your credit report typically holds the following information:
- A list of your credit accounts you have. This include bank loans held, credit cards accounts and other information like outstanding loans agreement and utility bill debts. The report shows whether you make payments on time and in full. Details like late or missed payments stay in your credit report for at least six years.
- Information of people who are financially linked to you- Those you have taken join loans with.
- Public record information such as County Court Judgments,bankruptcies, house repossessions and individual voluntary arrangements. The reports also remain for a period of least six years.
- Information whether you have committed fraud or if someone has stolen your identity for fraud.
- Your name and date of birth
- Overdraft details with your current account provider.
- Whether you are on the electoral register.
- Your current and previous addresses.
Credit report doesn’t carry other personal information such as your religion, salary or criminal record.
Who uses my credit report?
As you make a credit application, part if it involved you giving authority to the credit provider to check you credit report.
The term ‘credit provider’ does not only refer to banks and credit card companies but also mail-order companies like mobile telephone providers who will use it if as you enter into a phone contract.
Employers and landlords also usually check your credit report,however they only are able to access public record information such as:
- electoral register information
- insolvency records
- County Court Judgements (or Decrees in Scotland).
How lenders use credit reports
It is important to not that different lenders look for different things when looking at your credit report and deciding whether to lend to you and credit score could just be one of them.
Some companies will decline too lend to you if you haven’t always managed your credit well and don’t have a good credit rating. Other could lend but charge you a higher rate of interest or offer you a smaller amount of credit.
How to check my credit score and credit report
All CRAs have a statutory obligation to provide you with a copy of your credit report for free.
You can access the report online from Myscoreiq.com who might have different information from different credit providers.
Visit Myscoreiq.com
When should you check your credit report?
It is advisable to check your credit report regulary so that you can protect yourself from being a victim of fraud.
Improving your credit rating and correcting your credit report
It is possible to improve your credit rating, sometimes by simply cancelling unused credit cards, correct any factual errors you spot on your credit file – speak to the CRA or ask the lender directly.
Actively monitoring your credit allows you to stay on top of changes to your credit report, including possible suspicious activity.
How do you monitor and protect your credit score?
Myscoreiq is an online platform that helps you know your FICO® Scores – these are the scores used by 90% of top lenders.
You will Access:
Daily Monitoring
Active credit monitoring allows you to stay on top of your FICO® Scores. You also receive monitoring alerts for suspicious activity such as new credit inquiries, new loans and delinquent accounts that are reported in your name.
Identity Theft Protection
Along with credit monitoring, you receive identity theft protection with benefits that include monitoring for use of your Social Security number, dark web monitoring, enhanced change of address notifications and searching national and international criminal record databases for identity thieves committing crimes in your name.
$1 Million ID Theft Insurance
- Up to $1 Million in Stolen Funds Reimbursement
- Coverage for Lawyers and Experts
- You get 100% support for US based people
- You also get Based Identity restoration services
- You are able to view Current Score and Potential Changes Depending on Possible Payment Events or Other Actions
- Assistance in Planning for Financial Future