What is a Credit Report and Credit Score?

Your credit report shows financial information, and related, publicly available personal information. This information is collected to help third parties, which offer credit agreements, decide whether or not to give credit to a prospective customer. By signing up to a Credit Reference Agency (CRA), you can also use your credit report to find out areas that might negatively and positively affect your ability to get credit. However, checking your credit report also allows you to see the factors that make up your credit report, and areas that can be improved.

The different factors of your credit report will affect your credit score. The higher the credit score, the more likely lenders will see you as less of a risk. Circumstances such as late, or missed, payments are recorded. This can cause your credit score to drop. Continued, on time, payments, or living in one address for a long period of time can help to raise your credit score.

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Equifax, as a credit reference agency, holds both your credit information and publicly available information such as whether you are on the electoral register or not. Equifax shows this information in the form of a credit report, which includes your credit score and a traffic light system to help you better understand your personal credit information as well as how to improve your credit score.

Your Equifax Credit Score is between 0-1000 and is calculated using information within your credit report. A variety of factors can affect your credit score such as timely payments and history of credit repayment.

There are a number of factors that can affect your Equifax Credit Score.
For example, one important part of having a healthy credit score is appearing on the electoral register. Being registered to vote is seen positively by lenders as it is a way that they can check you live at the address on your credit application. The longer you live at the address and manage your credit responsibly, the more positively it may be viewed by lenders in the future.

While some circumstances can be good for your credit score, others can have a negative effect.

Late, or missed payments are ways that can cause your Equifax Credit Score to drop. By keeping track of your payments using myEquifax, you’ll be able to see the negative impact, but also help you to pinpoint the credit agreement that’s the issue. This can help you easily identify which areas within your finances need attention.