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How to check your credit score

When it comes to any major financial decision involving credit, your credit score is always going to be assessed by your chosen lender. So, having an understanding of your credit score will contribute towards making the application process easier, and understanding why you might be offered certain deals or have your application rejected.

If you’re thinking about applying for anything that may require a credit check, including car finance, here’s how to find out your credit score beforehand so you can be fully prepared.

What is my credit score?

Before looking at how you can check your credit score, let’s first touch on what your credit score actually is.

In simple terms, your credit score is a numerical representation of your financial past; think of it as a rating of how you’ve managed your previous financial obligations. This number is used to show how reliable you are at repaying credit borrowed.

If you’re interested to know more about how companies create your score, be sure to read our piece on how your credit score is calculated.

The best ways to check your credit score

There are many ways for you to check your credit score, and most of the time it’s quick and free to do so.

  1. Use an online tool: Many people choose to use one of the free online tools provided by the UK’s main credit reference agencies: Experian, Equifax, and TransUnion.
  2. Approach your lender: You might receive a complimentary credit check from a credit card or finance company when inquiring about applying for finance. You can also approach any credit assessor directly about finding out your credit score.
  3. Request a physical copy: You can get your credit score physically through the post. In fact, any credit reference agency must give you a written copy of your statutory credit report if you ask for it.

Which is the best site to check your credit score?

There is no one specific website that provides the best credit checking service. Any credit check website will be able to provide you with a credit score, but it’s recommended that you use a reputable site for the most accurate report. Commonly used credit checking websites include:

It’s often useful to check your credit score from more than one source, to get the clearest idea of your rating. You can also go directly to Experian, Equifax, and TransUnion for a more detailed credit report, though you will have to pay for this.

Why is it important to check my credit report?

Your credit score is one of the key things lenders will use when evaluating how likely you are to make future loan repayments and determining what deals they could offer you.

Regularly checking your credit rating will help you understand why you may or may not be rejected for a loan, and help you work out what kind of deals you may be offered when applying for finance.

Knowing your credit number will also let you spot any mistakes in your financial record and any missed payments you weren’t aware of. This gives you a chance to reach out to the relevant financial authorities and correct these issues and boost your rating.

Here at Zuto, we specialise in providing bad credit car finance for those who need it. Contact our expert team today to see how we can help you, or take a look at our car finance calculator to see how much you could borrow.

Don’t forget to check out even more help and advice from our car finance and credit experts.

Sources:
https://www.experian.com/blogs/ask-experian/how-do-you-check-your-credit-score/
https://www.moneysupermarket.com/credit-monitor/how-to-check-your-credit-score/
https://www.equifax.com/personal/education/credit/score/how-to-check-credit-score/
https://www.which.co.uk/money/credit-cards-and-loans/credit-scores/how-to-check-your-credit-score-for-free-avgzx7h867dp#headline_4
https://www.carfinance247.co.uk/blog-post/how-to-check-your-credit-score

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