Credit Checks

Your Credit Score - Why Is It Important?

Lenders calculate a credit score when you apply for credit card or loan or mortgage, so the higher your score, the better your chance of getting the best deal.

What is a Credit Score?

A credit score is a tool used by a lender to help determine whether you qualify for a particular credit arrangement (eg a mortgage). Based on information in your credit file, the credit reference agency analyses your information using a complex mathematical model to yield your credit score.
Everybody has a credit file which details how they conduct their credit arrangements, bank accounts. It even notes address history from the electoral roll register.

How can I find out my Credit Score?

If you are considering applying for any credit, especially a big commitment like a mortgage, then it is important to feel confident about your credit file. If the credit file reveals any problems then knowing about them up front will help us to point your mortgage application to lenders who will accept your credit file – rather than having wasted applications.

Click on the opposite Equifax advert and this will take you through to their website where you can take control of your finances with an Equifax Credit Score 30 day free trial*. If you need any help then Cherry Tree Financial are experienced in analysing credit files and can assist you in evaluating yours.

*Please note that monthly fees apply to the consumer following the 30 day Free Trial of these products if the user does not cancel within the trial period. The monthly fees are £14.95 for the Free Credit Score and £9.95 for the Free Credit Report. A user can cancel their subscription with Equifax at any time.