How to get help with credit scores
June 18, 2024
A positive credit score is important to open certain bank accounts, acquire loans, and get finance agreements.
In this guide, we'll cover how you can get help with your credit score if you need to understand your score or if you have a low credit score and want to build it back up.
Let’s get started!
Understanding credit scores
To understand credit scores it's helpful to understand how the UK credit system works. When you or a lender performs a credit check, they'll do so through what's called a credit reference agency.
CRAs are companies that keep financial records and track credit histories for both people and businesses. They gather data from sources like public records, creditors and utility companies to form a credit report and produce a score.
The main function of CRAs is to provide credit information to people like lenders or landlords to allow them to make sound decisions on whether applicants can be trusted to make payments or are appropriate to offer credit to.
The score they give is a measure of your general financial health and is used to show lenders whether you are financially trustworthy, sometimes called being 'creditworthy'.
There are three primary CRAs operating in the UK. These are Equifax, Experian and Transunion. Each CRA has their own algorithms to generate scores and organise them into ratings such as 'poor' or 'good'.
These scores will generally range from 0-1000. Generally, the thresholds are similar so a good score with one will mean a good score with another.
Here's a breakdown of the scoring ranges and categories for each provider:
Experian
Score range: 0-999
- Very Poor: 0-560
- Poor: 561-720
- Fair: 721-880
- Good: 881-960
- Excellent: 961-999
Equifax
Score range: 0-1000
- Very Poor: 0-438
- Poor: 439-530
- Fair: 531-670
- Good: 671-810
- Excelent: 811-1000
TransUnion
Score range: 0-710
- Very Poor: 0-550
- Poor: 551-565
- Fair: 566-603
- Good: 604-627
- Excellent: 628-710
If you're wondering how to check your credit score in the UK, take a look at free tools like Experian, ClearScore and MoneySupermarket.
If you've ever wondered 'Why can't I get a credit card', a low score is probably to blame. A higher score will mean you can access things like loans, credit cards, and premium bank accounts, so it's important to keep track of it and take steps to improve it if needed.
Remember, your credit score will change over time based on things like repayments, on-time bill payments, and missed payments. Applying for and using credit can also impact your score. To learn more, check out our article on how credit scores work.
Improving your credit score
As well as taking steps to build your credit score such as making regular payments and registering on the electoral roll, explore these methods to get help with your credit score.
Where to get help with credit scores
There are multiple resources out there to help with credit scores and other financial issues. The UK government website has a useful page on dealing with your debts.
There's also the government-backed website Money Helper which has a useful debt advice locator to help you access free financial advice based on where in the UK you're located.
If you notice a discrepancy in your credit history or something doesn't look right, you can also contact the three major CRAs to investigate the cause. Their details are:
TransUnion International UK Limited
- Postal address: One Park Lane, Leeds, West Yorkshire, L53 1EP
- Website: www.transunion.co.uk
- Email: [email protected]
- Phone: 0330 024 7574
Experian Consumer Help Service
- Postal address: PO Box 9000, Nottingham, NG80 7WP
- Website: www.experian.co.uk
- Email: [email protected]
- Phone: 0115 828 6738
Equifax Customer Service Centre
- Postal address: PO BOX 10036, Leicester, LE3 4FS
- Website: www.equifax.co.uk
- Phone: 0800 014 2955
You should also contact your bank, and potentially the police if you believe you have been a victim of fraud when looking into your credit history.
H3 Use credit builders like Pockit’s Fast Track to Credit
Credit builders are special accounts designed to help you build credit while also enjoying fantastic rewards and services. By making small monthly payments that are reported to the three main CRAs, credit builders help to show lenders you can reliably make payments and build financial trust.
Pockit Credit Builder doesn’t require you to already have a high credit rating to open an account. We also don’t undertake the same in-depth hard-credit checks or lengthy application processes that other accounts do…
You can open an account in as little as 3 minutes, and gain access to personal credit in 3 months. You can also borrow up to £500 at 0% interest. All you need to do is make monthly payments of £9.99 on time.
Ready to get help with your credit score? Find out more.
FAQs
What is a credit reference agency?
Credit reference agencies, often called CRAs, are agencies that gather and store financial information on people and businesses. They use this information to produce credit scores that are used by lenders to access creditworthiness.
Why does my credit score vary between different credit reference agencies?
Different credit reference agencies will use different algorithms to calculate scores. They may also receive financial information at different times.
What information can credit reference agencies hold?
CRAs hold information from sources like public records, landlords and lenders. They keep track of factors like missed payments, amount of debt, County Court Judgements (CCJs), and bankruptcies.
