Finance Glossary
Credit Score
A numerical rating assigned by credit reference agencies that summarises your credit history and predicts the likelihood you will repay debts on time. In the UK, the three main agencies are Experian, Equifax, and TransUnion, each using their own scoring scale. Lenders use your credit score as a key factor when deciding whether to lend and at what rate.
Example
An Experian score above 880 is considered "Good" and will typically unlock lower interest rates from lenders.
Related terms
Credit File
A detailed record held by credit reference agencies that doc…
Hard Search
A full credit check that leaves a visible footprint on your …
Soft Search
A type of credit check that does not leave a visible mark on…
Credit Reference Agency
An organisation that collects and maintains credit data on i…
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