Experian Credit Score & Report - in detail
Lenders like banks and credit cards companies will look at your credit file when they calculate your credit score, which will show them the level of risk in lending to you. The higher your credit score, the better your chances of being accepted for credit, at the best rates. Your Experian Credit Score & give you an idea of how lenders may view you.
What's credit?
Using credit means you can gain something of value and pay for it later. For example, you might buy your groceries on a credit card and pay it off after a few weeks. Or you might use electricity in your home, and pay for it months later. You'll sometimes pay interest or fees for using credit, but it can be worth it for the convenience.
What's a credit score?
Your credit score helps companies decide whether to give you credit. It’s based on your personal data, though each company may calculate it slightly differently.
The higher your score, the better your chances of getting credit. A good rating can help you borrow larger amounts or pay less interest. Your score’s a gateway to getting the credit you want, so it’s smart to look after it.
What's a credit report?
Your Experian Credit Report shows your financial behaviour from the last six years. It includes things like whether you pay your bills on time, and how much money you owe.
Companies may use this data to help them decide whether to give you credit. But they’re not the only ones who can benefit: you can use your report too. Understanding your report may help you improve your score, which could mean better credit offers for you.
Score and report – how are they different?
The main difference is that your report contains lots of detail, while your score is simply a number.
Your score is calculated using information on your report. So if your score goes up or down, you can find out why by looking at your report.
How do companies use my data?
Companies use information from your report – along with your application form and their own records – to get insight into your credit history. Companies use this data to understand how well you manage your finances, and it helps them decide whether to lend to you.
You make a credit application with a company
The company looks at your credit history to make a decision
They approve or decline your application
Concerned about privacy? Don’t worry – your data is held securely, and companies can only search your report if they have a legitimate reason (e.g. you’ve applied for a loan with them).
Learn more about how we work with companies
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