How to Check Your Credit Score

It is important to be aware and stay on top of your financial health by checking your credit score. This will make it easier and improve your chances of being accepted for credit or taking out a Likely Loan in the future. Plus, it means you can spot any mistakes or evidence of fraud affecting your credit score before it has too serious an impact.

How do I Check My Credit Rating?

There are three main credit reference agencies in the UK who compile credit scores:

  • Experian
  • Equifax
  • Callcredit

Simply put, if you’re wondering about how to check your credit rating, it’s important to realise that there isn’t one universal score. Instead, each of these three credit reference agencies have their own systems in place. This does mean you could be accepted by a lender using one CRA but would be rejected if they used another CRA.

If you’re wondering, ‘how do I check my credit rating?’, then the good news is that everyone has a legal right to do so. There are lots of websites where you can check your credit rating for free, such as ClearScore. Once you’ve created an account, your report gets updated every month and you can check it as many times as you like without affecting your credit score.

How do I Check My Credit Score?

All three credit reference agencies offer comprehensive services which provide unlimited access to your credit report, a credit score and alerts when changes are made to your report. There is normally a cost for this.

What’s My Credit Score?

Once you know how to check your credit score, it’s important to understand what it means. Each of the credit reference agencies uses a different scale but they mostly take the same factors into account for calculating your score. These include being on the electoral roll, making late payments and more, though credit agencies are more concerned with your current finances and the timing of entries rather than the type.

As an example of understanding your credit score, these are some of the important boundaries for the three main credit reference agencies:

  • Experian: Zero to 560 is Very Poor, 961 to 999 is Excellent
  • Equifax: Zero to 278 is Very Poor, 467 to 700 is Excellent
  • Callcredit: Zero to 550 is Very Poor, 628 to 710 is Excellent

With a better understanding of how to check your credit rating and score, you should know where you stand when applying for a Likely Loan.

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