Credit score

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Beyond the Credit Score. Open Banking solutions for thin file and other near-prime customers

Credit scores have long been the benchmark for determining whether or not you are eligible for credit. Credit scores also determine the quality of credit you will receive: a higher score generally translates to lower interest rates. Whilst it is easy to determine the eligibility of individuals at either end of the scoring spectrum, there exists a subset of customers in the middle known as “near-prime” for which things are less clear.

What are the different credit score ranges?

There are currently three credit reference agencies in the UK - TransUnion, Experian, and Equifax. All three use various methods to calculate your credit score, meaning there isn’t a universal credit score.

How to apply for credit for the first time

If you are applying for credit, be it a credit card, mortgage, overdraft or even insurance policy, the lender will check your credit history before making a decision on whether to approve the money or not. You will usually need to have a good credit history, and score, in order to be approved but if you’ve never had credit before, how do you go about applying?

7 ways to protect your credit score as a student

A credit score is used by lenders to assess the level of risk in lending to you. The better your credit score, the more likely you’ll be offered reduced interest rates and cheaper monthly premiums in the future.

Can I ask for a default mark to be removed from my credit score?

If you miss a payment such as for a credit card you will get a default mark on your credit history and it can take up to six years to be removed. However it may be possible to ask for it to be removed. Here we explain how default marks occur and what you can do to get them removed early.