Find Out Your Credit Score

Your credit report is not frozen in time so check it regularly to ensure it's accurate and that you score highly with lenders.

Are you among the 95% of people who have never checked their credit report? Actually, as you're a lovemoney.com reader, you're probably in the 5% that have. You are, aren't you?

I must admit that when I read that so many people had never bothered, I was rather surprised. Surely anyone who's ever been turned down for credit would want to know why. And considering ID theft and card fraud is given so much publicity along with the recommendation that people check their credit files regularly to make sure they're not victims, I'd have thought the credit reference agencies would have been inundated with requests. But, apparently not.

Lenders use credit reports to help them decide whether to lend you money and at what interest rate. Your files hold information on how many loans and credit cards you've got, how much you've borrowed and how much available credit you have. They also show whether you have missed payments or defaulted on your debts so they can immediately see whether you're a risky prospect or not.

As this will affect how they score you as a potential borrower, it's rather important that your files are up to date and that the information accurately reflects your credit history and circumstances.

Lenders usually use your credit report to give you a credit score. Each lender has different criteria but, for example, you'll be given points for being registered on the electoral roll and for having lived at the same address for a certain number of years because this indicates stability. Points will be deducted if you've missed payments or if you've got a county court judgment or if all your credit cards are maxxed out.

Experian, the credit reference agency, gives everyone a National Credit Score. It is based upon the information on your Experian credit report and can give you an indication of how easy you'll find it to get a credit card, loan or mortgage. The average score among UK consumers is 763 out of a possible 1,000. A score of 721 or above qualifies you as a fair risk while a score of 961 or above means you are classified as an excellent risk.

So, if you want to check your credit report, and see what your credit score is, you can take advantage of our partnership with Experian to find out more. Your credit report is accessible when you take out a free trial while accessing your credit score costs an additional £4.99.