Checking your own credit rating

[MontyVeda]

According to Experian... I have an excellent credit rating.

I figured it would be average at best since I've never bought anything on credit, but I've never really got myself into debt either.

question is... is Experian an 'official' credit rating or something else?

 

[DCLane]

They're one of several official credit rating agencies. However, they also earn affiliate commission from you using them as a click-through route to request a new credit card, etc.

 

[presta]

What info are they asking for, you can't find out without answering the first page.

 

[geocycle]

Yes, they are legit. They will try and get you to subscribe to various services you probably don’t need. I was given a subscription when an account was hacked which provided some reassurance nobody was using my details. I’d not use them other wise .

 

[annedonnelly]

There's advice on the Money Saving Expert site on the various reports and how to get them.

 

[dicko]

If you have never bought anything on credit then you can’t really have a credit rating.

 

[Dadam]

If you have never bought anything on credit then you can’t really have a credit rating.

Yes you can. It’s a credit worthiness rating

 

[ebikeerwidnes]

The companies that lend out money don;t really use them - they use the same data but every company analyses it differently

so one company might reckon you are a reasonable risk and lend you money at a reasonable rate
and another company looks at the data - or slightly different data - differently and demands a higher rate

happened to me once with car insurance - one company said I lived a very dodgy area and demanded a very high premium
other companies used a different way of looking at areas and were much lower


best thing to do it find somewhere that will give you a free rating - then just check once a months that nothing weird has appeared on the report

e.g. a strange house has appeared as an address or a name change that never happened

also help to make sure no companies have logged a missed payment in error - although if you have not borrowed money or had a credit card this will not be relevant
but worth checking no-one has managed to take one out in your name

 

[Emanresu]

but worth checking no-one has managed to take one out in your name

Agree with the above to keep a (free) eye on the number. Don't pay the £14.99/month as you have up to 6 years to sort anything untoward.

Someone took out a phone contract in my daughter's name. It's was a PITA to get them to cancel the debt and remove the incorrect information. You just have to be a bigger PITA to get some action and a get a human involved. God help us when AI takes over.

 

[MontyVeda]

There's advice on the Money Saving Expert site on the various reports and how to get them.

reading that article, I'm happy with the rating Experian gave me. I didn't sign up for the 30 day trial thingy as it gave me my credit rating before that. The trial just offered more details, which probably would be useful if my rating was poor.

 

[glasgowcyclist]

I get my credit rating free through my bank’s app (BoS).

Currently it’s showing as excellent, where for ages it was only good. I’m not sure what made the difference as I’ve been doing nothing differently. My credit card bill is always paid in full each month and I use well below 50% of my credit limit.

 

[fossyant]

As above, I check through my bank app (Lloyds) and Clear Score - All free.

 

[ebikeerwidnes]

I get a monthly email from Clear score and creditkarma

that cover TransUnion and Experion - 2 of the 3 main rating people

I don;t really need to know the rating - but I keep it because it means I can check nothing dodgy has crept onto my financial data

 

[presta]

I've just checked mine using my Lloyds account, and it's 'excellent', but a score on its own is a bit meaningless if they don't publish the algorithm for calculating it.

 

[MontyVeda]

I've just checked mine using my Lloyds account, and it's 'excellent', but a score on its own is a bit meaningless if they don't publish the algorithm for calculating it.

if the score is the difference between getting a loan, a mortgage or renting a property or not, it doesn't matter what the algorithm is. Lenders and letting agents will only be looking at the score.