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Check Your Credit Score

Lenders use credit scores to assess the risk that you will not repay what you owe. A credit score is a mathematical calculation based on information from two main sources:

Each piece of information is allocated a value and each lender uses its own formula to calculate a number that represents the risk you represent. Sometimes the same lender will use a different formula for different products, for instance a car loan versus a mortgage.

In general, the higher the score, the better your chance of getting credit on favourable terms.

Your first step towards improving your credit score is to check your credit report to make sure that it is up to date and accurately reflects your circumstances. If you find anything that is out of date or that you believe is inaccurate, contact the lender or court that supplied the information, giving proof if possible, and ask them to make an amendment.

If you see entries referring to credit you have not taken out, you could be a victim of identity fraud. Contact the lender and provide proof that they are nothing to do with you.

If there's something that needs further explanation, you may be able to add a note of explanation that lenders may take into account. You should also check that you are registered to vote at your current address, as lenders use the electoral roll to verify your identity. You could lose points if you don't appear or are down at an old address.

Finally, if you are not registered to vote at your current address, do it now. Lenders use the electoral roll to verify your identity and address, as a precaution against fraud.

Remember, it is totally free to check your credit report, just visit