Credit Score

Grow your credit score if you’re moving to or from the UK

By Neil Stone, Experian UK Social Support team

If you have recently moved to the UK, or moved back after a spell abroad, you may be wondering what you can do to start to grow your Experian Credit Score. 

You may even be looking to spread your wings and move abroad, and wondering how this will impact your score.

Due to the differences in data protection laws between countries we are some way off having a “global” credit score, we at Experian in the UK only hold information relating to individuals at UK addresses and so moving to or from a new country will mean starting your credit history afresh.

We’ve put together some tips on what you can do to get started on building your credit history.

If you’re…..moving to the UK for the first time
Firstly, you will need to start building your credit history.  For those that have moved from another EU country, then the first step to take would be to register on the electoral roll.

EU citizens can vote in EU elections, and registering at your current address on the voters roll will help when you apply for credit, as lenders often use this to help confirm the ID of their applicant.  You can find out more about registering to vote at www.aboutmyvote.co.uk

If you are not able to register to on the electoral roll, you can add a note to your credit report (once you have obtained a copy of your credit report) to explain this, called a Notice Of Correction.

Many banks now share information relating to current accounts with overdrafts, so speaking to your bank about such an account could be the next step towards building up your credit history.

As your accounts become more established, lenders will be able to use the information to help make their lending decisions.

If you’re…..moving back to the UK
We hold information on closed accounts for six years, so when moving back from a spell abroad there may still be information on your credit report, depending on how long you have been away.

To check for any old information, make sure you supply your old UK address in your application when it asks for a previous address.

If you’re …..moving to another country from the UK ~
As information on your UK credit report is for use within the UK only, we can’t supply your UK credit report to any countries outside of the UK.

If you are moving abroad, you may want to get a copy of your credit report to take with you when you go. This way you would be able to provide a potential lender with your UK credit report yourself should they wish to see it.

The Experian Credit Score is a guide to help you understand your credit report, and how the way you’ve managed the credit you’ve had in the past might affect applications you’re making now. For more information on how to improve your Experian Credit Score, here are our top 5 tips.

Experian Credit Score top tip 5 of 5: Review your credit report regularly

tip 5 - 600x300Everyone has an Experian Credit Score. Looking after it, nurturing, growing and improving it can help you get a better rate on loans, credit card or mortgages.

Reviewing your credit report can help you look after your finances better. The data & information held there summarises your credit history, so it can be worth reviewing it on a regular basis, and making sure it provides an accurate and up-to-date picture of your credit histories.

Video: 5 top tips to improve your Experian Credit Score

Lenders usually check your credit report when you apply for financial products, as it helps them decide whether to offer you the product and which terms to set, such as interest rates. Continue reading

National Voter Registration Drive

Are young people engaged enough in politics and democracy? National Voter Registration Drive (1-7 February) aims to increase voter registration among the young – something that could also improve their chances of getting credit and a wide range of online services.

Bite The Ballot, a youth-led grassroots campaign formed in 2010, runs National Voter Registration Drive, and last year’s campaign saw a world-record breaking 441,500 people registered to vote.

Are the young registering to vote?
New Experian research has found that the number of people in the UK who will turn 18 this year on the electoral roll fell by 1.69 per cent compared to 2015’s coming of age voters.  56.7% of local authorities have seen the number fall this year. Continue reading

Experian Credit Score top tip #4 of 5: Register to vote at your current address

tip 4 - 600x300Everyone has an Experian Credit Score. Looking after it, nurturing, growing and improving it can help you get a better rate on loans, credit card or mortgages.

Lenders use the electoral register to help confirm who you are and where you live.  This info usually has to be up to date before they are willing to offer a mortgage, a loan or any other form of financial account.

Watch video: How registering to vote can boost your credit rating

Being on the Electoral Roll makes it easier for banks and financial institutions to confirm your identity and not being registered will reduce your Experian Credit Score.

Not being registered could cause a delay when you apply for credit, while the lenders confirm your details some other way. With some lenders it may even hurt the credit score they give you, and some applications may even be turned down. Continue reading

Experian Credit Score top tip #3 of 5: Set up direct debit payments

tip 3  - 600x300Everyone has an Experian Credit Score. Looking after it, nurturing, growing and improving it can help you get a better rate on loans, credit card or mortgages.

If you apply for new credit, and lenders see late or missed payments on credit agreements with other lenders, they may be concerned that you will miss payments to them too. Continue reading

Experian Credit Score top tip #2 of 5: Space out credit applications

tip 2 - 600x300Everyone has an Experian Credit Score. Looking after it, nurturing, growing and improving it can help you get a better rate on loans, credit card or mortgages.

A scattergun approach to making credit applications, even if you see it as just shopping around, can have a negative impact on your Experian Credit Score.

When you apply for credit, a ‘credit search’ is recorded on your report. Numerous credit applications can suggest you are over-reliant on credit to supplement your income. Continue reading

Experian Credit Score top tip #1 of 5: stay within credit limits

tip 1 - 600x300Everyone has an Experian Credit Score. Looking after it, nurturing, growing and improving it can help you get a better rate on loans, credit card or mortgages.

Do try to stay within your credit limits and do try to pay your credit bills on time. Missed or late payments stay on your credit report for at least six years, and this can have a big impact on your score. Continue reading

5 top tips to improve your Experian Credit Score

Everyone has an Experian Credit Score. Looking after it, nurturing, growing and improving it can help you get a better rate on loans, credit card or mortgages.

The Experian Credit Score is a guide to help you understand your credit report, and how the way you’ve managed the credit you’ve had in the past might affect applications you’re making now. 



It can also help you keep an eye on your progress while you maintain or improve your credit score before you apply – and here are our
five top tips to help you do that.

Tip 1 – Stay within credit limits and keep balances low – The lower your overall balances (not including mortgage), the better. If you can afford to pay off a bit more debt and you want to improve your Experian Credit Score, reducing the balance on your credit cards and overdraft can be useful. Close unused credit accounts if you don’t use them anymore, as lenders can take into account the credit limits available to you, not just what you owe at the moment.

Tip 2 – Try not to make too many applications in a short space of time – A scattergun approach to making credit applications, even if you see it as just shopping around, can have a negative impact on your Experian Credit Score.  Each application is recorded on your credit report and if lenders see lots in a short period, they could think that you’re desperate for credit or suspect fraud. 

Tip 3 – Set up direct debit payments to make sure credit bills are paid on time – Missed or late payments stay on your credit report for at least six years, and this can have a big impact on your score.  Regular payments on time can help build up a good credit account payment history. 

Helpful guides from Experian about credit scoring

Tip 4 – Register to vote at your current address – Lenders use the electoral register to help confirm who you are and where you live. 

Tip 5 – Review your credit report regularly – Make sure it’s up to date, and that the information on it is accurate. If you do find anything that needs correcting, contact the relevant lender and ask for an amendment – Experian can also raise a query on your behalf. Even small details like the way your name and address is recorded could have a significant impact. Also check your financial associations with other people.

What to do about missed or late payments

Missing a credit repayment can happen to everyone – but don’t be tempted to skip or delay your monthly repayments.

Late or missed repayments stay on your credit report for at least six years, so it’s not hard to see how important it is to stay on the right side of repayments. Your credit report can show you if you’ve missed some payments on cards or loans you have.

What happens with missed or late payments?

If you apply for new credit, and lenders see late or missed payments on credit agreements with other lenders, they may be concerned that you will miss payments to them too.

Late or missed payments in the past six years are likely to impact your credit score, meaning that any credit you do apply for and manage to get might cost you more money.

Watch video: What happens if I miss a credit card payment?

Continue reading

Is your credit report missing information?

By Neil Stone, Experian UK social support team

credit-score-report-history-300x200I’ve been looking to get some improvements done around my home lately. The kitchen has been looking a bit tired so I was thinking about getting a loan to cover the cost.

Before I even contacted my bank, I checked my credit report to make sure that all of my accounts that I expected to be showing were on the report. The more information a lender can see the better picture they will have of my credit history. If you have well run accounts then you want to be sure the lender can see them!

There are times though, when information that you might be expecting to show on your report doesn’t appear. Continue reading