ClearScore shows you your Equifax credit score. The score goes from 0 to 700.
A credit score is a three-digit number which helps lenders decide whether to give you credit. One way of thinking about it is to see it as a measure of risk to the lender. The higher the score, the better you managed your debt in the past, which makes it more likely that you will be considered low risk and therefore given a loan, or viewed favourably by a potential employer or property landlord.
A higher score means that your application is more likely to be accepted. It also means that you could be eligible for better interest rates and better deals when borrowing money or taking out a mortgage.
Your credit score is based on several factors included in your credit report:
- Information about you:
- Full Name
- Current Address
- Previous Addresses
- Financial Associations (people you share a joint credit account with, or have made a joint credit application with. These people are your financial connections, and their information will affect your credit report and score)
- Presence on the electoral roll (being registered to vote at your address)
- Bankruptcies, County Court Judgments (CCJs) and IVAs (Individual Voluntary Arrangements)
- Credit account information:
- How much you owe
- Whether you have paid on time
- The age of your credit accounts
- Any ‘credit application’ searches carried out on your report (when a lender performs a check on your credit report to check whether to offer credit to you or not).
- Any fraudulent activity
Take a look at our article on increasing your credit score to see how you can make positive changes today: visit our 'Learn' section.