Put simply, your credit score is your credit history in a nutshell.
It looks at everything – from your address and whether you make payments on time, to how many loans you’ve had, to if there have been any county court judgements (CCJs) against you.
The score is often used by lenders, such as banks, to determine how much you can borrow and be trusted to pay back.
You may be asked for your credit score, or proof via a credit report, when trying to rent, get a loan, get a credit card, or secure a mortgage.
If you haven’t the foggiest what your credit score is, don’t panic. It’s really easy to check.
Here’s how.
It’s pretty simple to check your credit score. It is free, too.
To check, you’ll use one of three credit reference agencies in the UK: Experian, TransUnion or Equifax.
With the largest of the three, Experian, you simply sign up to the website, answer a few questions about yourself, and in a few short minutes you’ll see your score.
Experian gives you a number between 0 and 999, along with a rating of ‘very poor’, ‘poor’, ‘fair’, ‘good’ or ‘excellent’. Anything above 721 is reaching into the ‘fair’ category and beyond.
TransUnion’s score is different, providing a number between 0 and 710. You can check it using the Credit Karma website.
Equifax gives you a score from 0 to 700, which can be checked using the website Clearscore.
Overall, it is indeed free to check your score – but if you want to see your full credit report or need to print it out or send it somewhere, you’ll likely end up needing to sign up to a 30-day free trial to access the paid features sites like Experian provide.
Fortunately, checking your own credit score doesn’t impact the score itself, nor does checking your own credit report.
This is known as a ‘soft’ search, credit check or inquiry – as you don’t ask to borrow any money in the process – and essentially provides an overview of your history.
Experian confirms on its website: ‘Soft checks aren’t visible to lenders and have no impact on your credit score. Only you can see them on your report and it doesn’t matter how many they are.’
Usually, comparing loan deals or mortgage deals online, aka getting a quote, counts as a soft search.
However, if you apply for new credit, the resulting check is known as a ‘hard’ search, credit check or inquiry. These types of checks can affect your credit score.
As Clearscore explains: ‘A hard search is when a lender takes a full look at your credit report (and score). This type of credit check leaves a mark on your credit report, so whenever prospective lenders look at your credit report they can see you applied for credit (and whether you were accepted).’
Hard searches tend to be visible on your credit report for 12 months, says Experian.
In the event you don’t know whether something will affect your credit score or not, always ask or check in advance.
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