Credit scoring and credit reports explained in plain English – jargon-free!
Understanding Credit and financial credit products like bank accounts, personal loans, credit cards and mortgages isn’t easy. Knowing how lenders use credit scoring can be a minefield but we try to explain it in easy terms.
First off, there are literally thousands of credit accounts on the market from hundreds of different banks, building societies and other lenders – and whether you qualify to get them can depend on all sorts of things, from your existing accounts to your all important credit score to even, in a few cases, the financial standing of your parents or other family members.
We realise that there are plenty of websites out there already that in the main give out good advice on credit scoring. However in our opinion, many of them have been written with the specific intention of promoting monthly ‘credit monitoring’ / ‘identity protection’ services, which carry hefty monthly subscription fees, so they are not independent.
We aim to show you, in plain English, that whilst these services can be useful, they are not vital and that you can obtain all the information you need through other channels, armed with just a little knowledge – which is all here in one place.
There are lots of reasons you might have arrived at our site, you may have been declined for credit and wonder what you can do about it, have received your credit report from a credit reference agency and want to know how to correct it – there are also articles that explain debt consolidation, what debt management is and even give you an overview of the bankruptsy process (applies to England only).
There are some UK credit reporting services that charge £29.95 per month for access to your credit report. We think this is far too much – especially given your right to the information as the person who the data is held about. We tell you who the main agencies are – Experian, Equifax and CallCredit and give you their postal addresses and online contact details so you can obtain your statutory report from them directly – for free or a direct payment of just £2.
We also offer a number of articles on how to improve your credit score with lenders – useful if you’re thinking about moving accounts, or even applying for a mortgage. This is sound, free advice that could potentially save you very large amounts of money.