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