How is your credit score calculated?

The 3 main Credit Referencing Agencies; Experian, Equifax and TransUnion, use different methods for working out an individual's credit score so there isn’t a single ‘magic number’ you can aspire to. 

However, below are the 5 key things that make up your credit score;

• Address history
  • Your current address and any previous addresses.
• Credit history
  • Financial credit agreements, such as loans, credit cards, mortgages, overdrafts, mobile phone contracts, car finance and any late or missed payments.
• Credit applications
  • The number of applications for credit you have made, including those where you have been rejected.
• Public Records
  • Electoral roll information, any county court judgments (CCJs), bankruptcies or insolvencies.
• Financial ties
  • This includes anyone you have taken out joint credit with – for example, a joint mortgage or bank account.

Factors that don’t affect your credit score

The following factors do not count towards your credit score;

• Student loans
• Medical records
• Parking fines
• Employment history 
• Council tax
• Savings accounts  

Visit our blog for more information on your credit footprint.
Things that don’t impact your score