What is a Credit Score?

Everybody has a credit score. It’s a score set by companies called Credit Referencing Agencies and it shows other businesses that may give you credit how credit worthy you are.

So companies such as credit card providers, builders merchants, and the big one, Mortgages.

If you have a low credit score, it’s likely that they will not grant you that credit, so it’s very very important that you keep on top of your score and if there’s anything you can do to improve it, that you do it sooner rather than later.

The two biggest ones are Experian and Equifax, they will first of all tell you what your score is and secondly, they will give you ideas of how to improve it, so it could be something as simple as making sure that you’re registered at the address you live at to vote. That does have quite a big effect on the overall score.

The most frequently asked questions is: How can I improve my credit score?

Here are a few quick wins:

1) Register to vote
2) Check for errors or fraudulent activity
3) Always pay credit back on time
4) Get some credit if you do not have any
5) End any negative financial associations
6) Do not apply for too much new credit
7) Remove defaults, CCJs, or bankruptcies

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