ARTICLES POSTED IN 'credit score'

Bad credit on an address myths

When moving into a new house, the first thoughts that go through your mind could be along the lines of “what colour am I going to paint the kitchen?” or “will my wardrobe actually fit in the bedroom?” You may not immediately ask yourself “I wonder how much debt the previous occupant had!”

Published on 9 Jan 2020 by Kirstie Brown

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10 Credit Myths Busted

Credit checks are an integral part of modern life: from buying a house or car to applying for a new job or passing a tenancy check, your Credit Report is remarkably versatile. But considering the important role Credit Reports can play, there are still a number of popular myths surrounding them. We’ll look at ten misconceptions to point you in the right direction.

Published on 30 Dec 2019 by Kirstie Day

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How does my ‘Credit Age’ affect my Credit Score?

Credit age is a difficult concept to define and can be tricky to get your head around. This isn’t about what year you were born – it’s more a reflection of how long and to what extent you’ve been using credit and is an important consideration when looking at your Credit Score - especially if you’re looking to improve it.

Published on 23 Dec 2019 by Andrew Brown

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Age matters when it comes to your credit score

Credit Action, the National Money Education Charity, scares everyone witless every month with unnerving financial statistics. A few examples include the fact that a property is repossessed every hour and 43 minutes, that every four minutes someone is declared insolvent, and that the Citizens’ Advice Bureau deals with 2,595 new cases every day. In its October 2019 statistics, the charity advised that average household debt is a mere £59,441 including mortgages. According to the BBC, the stat without mortgages has risen sharply to £15,385.

Published on 5 Dec 2019 by Barry Stamp

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Is there discrimination in credit assessment?

Apple could find itself in hot water in the US after a weekend of high-profile claims that applicants to its recently launched Credit Card were discriminated against on the basis of gender.

Published on 11 Nov 2019 by Barry Stamp

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Why do I get different Credit Scores?

The first ever idea of a Credit Score was introduced in the 1950s in the United States. Almost by accident, as Bill Fair and Earl Isaac discovered that a study looking at a potential predictor of ill health could be better used to predict bankruptcy and default. They teamed up to form Fair Isaac, Inc, now FICO, to sell credit scores to lenders. FICO scores are now household names by consumers in the US, as they are used extensively, with little competition.

Published on 3 Sep 2019 by Andrew Brown

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Does Gambling Affect Your Credit Score?

If you’re among the 32% of Brits that gamble on a weekly basis and are thinking of applying for some form of credit in the near future, you might be wondering whether your activity could affect your Credit Rating and your chances of being accepted.

Published on 13 Jun 2019 by Richard Catlin

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Can Social Scoring Really Affect Credit Applications?

Increased consumer awareness of the importance of a good Credit Score in recent years means that most people applying for a mortgage, loan or other form of finance know that the odds of their application being successful largely depend on the information contained within their Credit Report (among other factors) and how the lender in question interprets it.

Published on 24 Jan 2019 by Jamie Mackenzie Smith

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What Is An UltraFICO Score And Could It Work In The UK?

Would-be borrowers in the US have been given a potential new route when it comes to proving their creditworthiness to potential lenders, thanks to the recently announced UltraFICO score, which looks beyond the information traditionally used to assess credit applications.

Published on 28 Dec 2018 by Katherine Cornell

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How To See Your Credit Score For Free

When thinking about your finances and your eligibility to take out a loan, credit card or any form of borrowing, it’s tempting to boil your creditworthiness down into one single ‘make-or-break’ Credit Score. It’s not quite that simple though.

Published on 2 Oct 2018 by Jamie Mackenzie Smith

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