The information on your credit report and the information you provide on an application form to a shop or lender can be used to build a credit score. This is a rating that can be used to identify the risk in offering you credit. Credit scores do not take account of gender, religion, race or ethnic origin. There is no single credit score—different lenders take different factors into consideration when building their score, and those scores may differ between a lender's products. 482
Nobody can tell you exactly how an individual credit application is scored, because lenders take different information into account in their credit scoring and may even have different scores for different products. And they won't tell you exactly how they do their calculations, as it is confidential and commercially sensitive. But if you are refused credit, they should give you a basic explanation of how scoring works, tell you the main reason for their decision and say whether this decision was because of information on your credit report.
What is available is your National Credit Score. This is based entirely on your Experian credit report and is available for a small fee to members of CreditExpert (Experian's online credit monitoring and alert service). Although lenders' scores are also likely to be based on information we don't hold (such as details of your job and wages), your National Credit Score is the best available guide to how your credit report will affect a lending decision. Click here for more information about CreditExpert.
Your credit report will only contain information about you. It will also show the name of anyone you share a financial connection with. Lenders will see the financial information in these other names and may use this when making a lending decision. If you believe that information in another name has caused a lender to refuse you credit, you may wish to ask the other person to request their credit report but they do not have to nor do they have to show you their credit report.
If your credit report shows a financial connection that is no longer correct, you can ask us to remove it in the following ways.
Please always provide us with your full name and the full name of the person you want to be disassociated from, plus dates of birth, your relationship to that person, and any addresses you have shared. 784