Covid 19 Status

In line with HM Government requirements to fight the spread of Covid-19 we have measures in place to ensure that we protect our staff, their families and the wider community, but also to ensure that there is minimal disruption to our customers.

Your access to online Multi Agency Credit Reports, Expert Help and Account Management remains unaffected. We take great pride in the support that we provide to our customers and throughout this period will do all we can to minimise the impact on our services. While the country remains in lockdown we will continue to support your queries via a dedicated and experienced team that will be securely working from home, and supported by a Management Team that will continue to be based at our head office and who will be able to provide customer support as required.

The security measures that we have in place to protect your Personal Data, in line with our Privacy Policy, will mean that some elements of our personalised support are affected during this period as our support team will be working with anonymised data when working remotely. Freephone access to our Credit Analysts has been removed during this period while we focus our efforts on continuing to reply to all of your emails and secure messages within one working day.

Thanks for your understanding, and we hope to have full customer support available as soon as possible and wish you well during these challenging times.

Application Score

What is an application score?

Application Scores are a type of credit score used by lenders to decide which applicants are to be accepted, based purely on the information given in the credit application form.

Your score is based on the following information, which must be submitted with the application:

  • Full name
  • Address
  • Phone number
  • Length of time at address
  • Date of birth
  • Marital status
  • Occupation
  • Name and address of employer
  • Length of employment
  • Monthly income
  • Current credit obligations
  • Bank name and address
  • Sort code
  • Account number
  • Account name
  • Amount of credit required

Although an Application Score does not take into account any information from the applicant’s credit report, numerous studies have shown that the system is surprisingly good at picking out the best (most creditworthy) applicants and indeed, much more efficiently than if a trained credit underwriter looks at the application and makes a lending decision on a subjective basis.

Application Scores were widely used prior to the evolution of modern credit reports, and are still used by some lenders to reject the ‘worst’ of applications prior to purchasing credit reports from the Credit Reference Agencies. This helps reduce otherwise unproductive costs in credit assessment.

Just like the credit scores calculated on credit reports, and like geodemographic scores, they are based on the concept that the past is a guide to the future. The answers given on a large batch of previous application forms are analysed to see which ones predict defaults . The answers given on any application form can then be analysed to see what the chances are of paying on time or defaulting.

Q: Is my application score the same as my credit score?

A: No, but both your application score and your credit score predict the likelihood of you defaulting on a payment. Because the scores are assessed on different criteria, the scores themselves are likely to be different as well, even though they are based on the same information.

To see the information on your file that is used to help generate your Application Score, you can try checkmyfile FREE for 30 days, then for just £14.99 a month afterwards, which you can cancel at any time.

Q: Will I be shown my application score?

A: It is unlikely you will see your score after your information has been assessed, as this is for the lender’s use only. Similarly, you will not find out what the required score to be accepted for credit is either.

Jargon Buster

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