What is a Credit Report?
Your credit report contains your financial and borrowing history over the last six years. It also shows electoral roll and public financial information like court judgments.
What is a credit score
Your credit score is a number we give you to help understand how a lender will view the information on your credit report.
Applying for credit
When you apply for credit a lender won’t see your credit score. They normally use three things to calculate their own score for you:
- The information on your credit report
- You application form (income, expenses etc)
- Their own records if you have an account with them
Can improve your score:
- Register on the electoral roll
- Having low debt
- Using less than 25% of your credit card limit
- No recent applications for credit
Can lower your score
- Missing a payment
- Using more than 90% of a credit card limit
- Having a default account
- Applying for lots of credit in a short space of time
Visit Experian.co.uk or download the app
SupportHub
Support Hub is a FREE service where you can share your support needs with all your service providers in one simple process.
What is a support need?
A support need is a reasonable adjustment that helps make services more accessible.
Some examples could include:
- Requesting your statements or letters in braille or large print
- Receiving additional assistance due to a change in your personal circumstance e.g. bereavement
By telling your service providers your support needs, you can ensure that you get the support you need to be able to access and use their services.
Visit supporthub.experian.co.uk
Struggling with Money
Money worries can affect your mental health. If you’re struggling to keep up with bills or repay debt, there’s help available. Here are some steps to get back on track:
- Check your credit report – see all your accounts and debts
- Make a budget – work out your income and spending
- Cut debt costs – consider balance transfers or consolidation loans
- Talk to lenders – they may offer support if you’re behind
- Get free advice – speak to a free debt advice organisation for expert help
Have a look at the how to get out of debt guide for further information and guidance.
How Life Events Can Shape Our Finances
Things such as addiction, abuse or fraud can affect your finances. Experian offers support if you’re dealing with:
- Gambling addiction – block access to credit you can’t afford
- Financial abuse – Resolve credit report issues and protect your financial health
- Fraud – get help resolving fraud and staying safe in future
New to the UK? Start Building Your Credit History
Just moved to the UK? Building your credit score helps you get approved for things like phone contracts, credit cards, and even a mortgage. Here’s how to get started:
- Open a UK bank account – it’s your first step to building a financial footprint
- Register to vote – helps confirm your identity on your credit report
You’ll be able to build your financial health over time by doing things like:
- Having monthly gas & electricity accounts in your name
- Taking a mobile phone contract
- Getting a credit card
You should only take out credit if you need it and can afford to repay it. Making monthly payments on time can improve your credit score.
Have a look at our how to establish credit for the first time guide for further guidance.
Visit Experian.co.uk or download the app
