The three well known credit rating agencies maintain credit scores of all individuals in UK. They get the initial data from the electoral rolls and county courts. When you apply for a loan, credit card, etc the lender checks your credit score with either one or all the agencies. They have to pay two pounds [...]
The three well known credit rating agencies maintain credit scores of all individuals in UK. They get the initial data from the electoral rolls and county courts. When you apply for a loan, credit card, etc the lender checks your credit score with either one or all the agencies. They have to pay two pounds to get your credit score. Each agency uses their own methodology for maintaining scores. If you pay your creditors on time, have never defaulted on your payments, or been bankrupt, you should have an excellent credit rating. With Equifax a credit score above 475 is excellent, 400 to 474 is good, 350 to 399 is fair, and 300 to 349 is poor and below 299 is very poor. Lenders use the credit score to rate your ability to repay any loan that you are applying for. Before applying for a mortgage loan, personal loan it would be good to check your own credit score. You can do this by mailing a request to them. If your credit score is good or excellent then you have a very good chance of getting the loan. You will also be able to bargain on the interest rates with the lender.
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