When you apply for a loan, credit card or mortgage, you’re generally either accepted or declined on the basis of your credit report, the same goes when you apply for an account with AppToPay.
The information on your credit report is used as a guide to determine the risk for a given creditor in lending you money — it provides them with a record of your existing accounts, debts and your general reliability in paying creditors in full, and on time.
It is therefore very important to do all you can to maintain the best possible credit score if you want to take out loans, mortgages, insurance or a credit account with AppToPay! Failure to do so can lead you to less competitive rates, less reputable lenders or a declined application.
The best place to start is to access your credit report so you can see whats on it and ensure it’s accurate and up to date.
Viewing your credit score
Credit reference agencies, or CRAs, are responsible for compiling credit information in the UK. Three of the most popular CRAs are:
Each company records different elements of your credit information, with some overlap, and different lenders will partner with different credit reference agencies but as a general rule, if your credit score is good on one, it should be similarly scored on the others.
You may wish then to receive a more comprehensive and convenient daily service, or one which offers you a credit report free of charge. Let’s take a look at some of the options.
CreditExpert is owned by Experian and will allow you daily access to your Experian credit score. Daily access is useful as, although creditors will share information with CRAs on a monthly basis, they may not do so on the same day of the month.
CreditExpert costs £14.99 per month, with a 30-day free trial. It has a user-friendly and clear dashboard, and will include a daily Experian credit report and score, credit report alerts, tips on improving your score and web monitoring, call and fraud support
CheckMyFile allows you access to your score from CallCredit and Equifax. It costs £14.99 per month, has a 30-day trial, and boasts the most detailed reporting available in the UK. Features such as identifying problem accounts, and highlighting the difference in what’s been reported between the two CRAs are particularly useful.
ClearScore offers you daily access to your report, which is updated monthly from Equifax data. Its sleek dashboard and app allow for an excellent user experience, and the service is free of charge. The information is simple to understand and clearly presented: providing black-and-white figures on long and short-term debt totals, current scores and the time until your next report.
Noddle is another free-for-life service that bases its data on Equifax. Their service includes:
• Your Noddle (based on Equifax) credit rating, and what it means
• A list of your credit accounts
• Payment history for six years, including on-time and in-full payments
• Who has searched your credit ﬁle in the last two years
• Electoral roll information for your current address and previous addresses
• Details of any people to whom you are financially linked
In the next blog, we’ll discuss things that you need to check in your credit report.