What is a credit score?

Your credit score represents your credit health and how likely you are to be accepted for any new credit applications. It’s based on how you’ve managed credit in the past.

A higher credit score means you’re more likely to have an application approved, with better rates and terms than a lower credit score.

Your Checkmyfile credit score is created using data from the three main UK credit reference agencies: Experian, Equifax, and TransUnion.

How can I improve my credit score?

We expect to see the highest band of credit score where the report contains:

• A mix of open and closed accounts.

• Regular on-time payments.

• Consistently being registered on the Electoral Roll.

• Demonstration of ability to repay what you borrow.

• Accounts that have been open for a long time.

• A range of account types i.e. bank account, mortgage, mobile phone.

Despite many myths about improving your credit score, don't feel you need to take out lots of credit solely to improve your credit score. No matter how many accounts you hold, they need to be well-maintained for your score to benefit.

How long will it take for my credit score to improve?

Rather than being able to make quick fixes to see changes overnight, growing your score is a long-term process which can take months, even years.

Your Checkmyfile report gives you actionable steps to help you make that credit score growth happen. But this will happen at steady intervals during your lifetime, like when you open a bank account, register on the Electoral Roll, or buy your first home, to name a few.