We get your score and report from Equifax, one of the three credit reference agencies in the UK. Your score is calculated using the data on your report and put into the following bands:
0 - 279 Very Poor
280 - 379 Poor
380 - 419 Fair
420 - 465 Good
466 - 700 Excellent
It’s really important to note that with Equifax, it’s quite rare for scores to be close to the top mark.
Having said that, if your score is not quite what you hoped it would be, it’s worth checking out your ‘Positive’ and ‘Negative’ factors for a summary of the main points that might be affecting your score. You can find these by logging into your ClearScore account, going to 'Report', and viewing the 'Factors on your report' section.
As well as the positive and negative factors, there are several other things to look out for that could be affecting your credit rating:
- Personal information - it’s important to make sure that your personal details on your ClearScore account are correct and up to date. Check that you signed up with the correct full name, DOB, and current address. This is the first step to ensure that the score you are seeing on ClearScore is accurate.
- Addresses – if your address history on your ClearScore account is incomplete, your report won't be accurate because the credit history attached to any missing addresses won't be included.
- Bankruptcies/County Court Judgments (CCJs)/Individual Voluntary Arrangements (IVAs) – having any of these on your report will lower your credit score as you'll seem less likely to be able to pay any credit back.
- High levels of current debt – if your accounts show that you're currently in a lot of debt, this may lower your credit score.
- Missed payments – if you’ve recently missed a payment, your score could fall as it throws doubt on your ability to pay off future debt.
- The age of your accounts - lenders like to see stability, so if you’ve held an account for a long time this proves that you’ve been trusted by another lender.
- Credit application searches – ‘Credit application' (hard) searches show up when a lender performs a check on your credit report. If there are lots of hard searches on your report, this could indicate that you’re applying for a lot of credit and that you might rely too heavily on it.
If you find any incorrect or missing information on your report, then you’ll need to fill in our dispute form to get this investigated by Equifax directly: https://www.clearscore.com/dispute
If you want some tips on how to improve your score, you might want to take a look at our ‘Learn’ article, ‘10 steps to a great credit score’: https://clearscore.com/credit-score/how-to-improve-credit-score