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.

What is a...

Credit Rating

A Credit Rating is a broad measure of your creditworthiness, which is your likelihood of defaulting on a credit agreement. Lenders tend to favour customers with higher Credit Ratings, as they carry the lowest level of perceived risk.

There are many factors that can influence a finance application, so you are never guaranteed to be accepted, regardless of your Credit Rating.

How do I check my Credit Rating?

You can use checkmyfile to see your Credit Rating based on information from the four main UK Credit Reference Agencies: Equifax, Experian, TransUnion, and Crediva.

Most importantly, you’ll also get access to your Multi Agency Credit Report, which is the information that your Credit Rating is based on. You can try checkmyfile free for 30 days, and then just £14.99 per month.

How are Credit Ratings calculated?

Credit Ratings are usually based on the information found on your Credit Report, such as your account repayment history and court records, and much more.

Positive information – such as a well maintained credit account – will generally improve your overall Credit Rating, while negative entries like late payments or defaults will hurt it.

Consumer Credit Ratings are a broad (or ‘coarse’) class of credit scores, which in turn determine risk. They are usually measured with a five star rating, where one star relates to those with adverse credit history and five star ratings apply to customers with an excellent credit history with little risk of defaulting on payments. Average risk consumers have a three star Credit Rating.

In general terms, the five levels of consumer Credit Rating are as follows:

One Star: People new to credit or who struggle with impaired credit, able only to access sub-prime credit offers at approximately twice the cost of the average rate.

Two Stars: Those rebuilding credit and with adverse credit recorded alongside good credit history, able to access all sub-prime credit and a small amount of mainstream credit, usually at around 150% of the average cost of credit.

Three Stars: This is the average Credit Rating and is the target area for most credit card companies. Those in this Credit Rating can borrow at average interest rates.

Four Stars: Often older consumers or those with a long-established and history of good payments. Able to access most types of credit, usually at around 80% of the average cost.

Five Stars: Stable consumers with an impeccable credit history. These consumers are often known as ‘super accepts’ and can access credit at between 50%-80% of the average cost.

Why do I have different Credit Ratings?

Any Credit Ratings that you find online will be subjective interpretations of the information on your Credit Report. That means that each service you check with will likely calculate your Credit Rating differently, resulting in different ratings wherever you check.

There isn’t one true Credit Rating – they’re just useful measures to understand your creditworthiness at a glance.

It’s important to note that lenders will not see the Credit Ratings you get online; instead, they will assess the information on your Credit Report to reach a lending decision.

For this reason, your Credit Report itself is highly valuable – much more so than a rating. Checking your Credit Report will let you spot any negative entries and errors, so you can understand what information is helping and hindering your creditworthiness.

The UK's First Provider Of Online Credit Reports

Launched 21 Years, 35 Million Credit Scores & 8 Million Credit Reports Ago

The UK's First Provider Of Online Credit Reports

Related Jargon