What is my Credit Rating?

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A credit rating is a score given to you, based on the financial history shown on your credit report. It is a tool used by lenders to help them to decide whether an applicant is a good candidate to lend to.

Examples of when your credit report might be used include:

  •   When applying for credit such as a mortgage, loan or credit card
  •   When applying for hire purchase, 'buy now pay later' or catalogue or online credit accounts
  •   When applying for a new job
  •   When being considered for a rental property

Some people may not even be aware that they have a credit rating, but it’s actually an important factor for your financial life. Many don’t realise that poor borrowing practices can affect a credit rating and have a potentially negative impact on their chances of obtaining credit in future. Examples of poor borrowing practices include:

  •  Borrowing too much
  •  Late or missed payments
  •  Unpaid debts
  •  Negative financial associations

Why check my Credit Rating?

Experian CreditExpert is the number 1 choice of credit reference agency in the UK for people deciding to take control of their credit health1. An Experian Credit Report and the Experian CreditExpert service can be trusted to let you know what information is held on your credit report, and to keep you informed of any significant changes. Over 5 million people have accessed their credit report with Experian CreditExpert, so why not join them?

There are many reasons to check your credit rating regularly, including:

  •  If you have had financial difficulty in the past, including late or missed payments, court judgements, IVA's or bankruptcies, you will be able to see whether they are still noted on your credit report and what affect they have on your credit rating
  •  If you want to obtain credit you can check whether there is anything on your credit report that may cause a lender to decline your application
  •  Knowing your credit rating can help you to avoid a declined application, and further black marks on your credit report
  •  Checking your credit report can show you what you can do to improve your credit rating and borrowing potential
  •  Having access to your credit report can help you to rectify any mistakes on it
  •  You can protect yourself from the effects of identity fraud and theft, by monitoring your credit report and catching any suspicious transactions early
1UK's No.1 Source: CreditExpert is the UK's market leader by share of unique users. Comscore, Sept 2013