What is my credit file and score?

Let’s start with a very quick overview of what your credit file actually is 🔍

Your credit file is a record of your financial commitments

• credit cards
• loans
• bank accounts
• mortgages
• mobile phone payments
• and more…

Every on-time payment to each of these creditors is recorded on your credit file.

• If a payment is late or not made at all, this also gets recorded.
• This information (payments, late payments, as well as other information) then gets put together and comes out as what is known as a credit score.
• Most banks and other lenders use your credit score to help them to decide if it is a risk to lend to you.
• Which is basically them working out whether they think you will repay the money to them.
• Typically, the lower (or worse) your score, the fewer and more expensive the borrowing options.

The three UK credit reference agencies (CRA) are

• Experian
• Equifax
• TransUnion (formerly Call Credit)

Have a credit score that could be improved?

• See our Guide to Improving your Credit Score
  

> How do I find out my credit score? <

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