Credit Reports and Credit Scores

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Frequently asked questions

Why is my credit score low if I have savings and no debt?

Your score is a reflection of how well you manage your accounts and your credit risk profile. Your score might be low due to the fact that you haven't used any credit for a while, so there will not be any information to show that you have a good history of paying off credit. This is one of the main factors that Credit Providers look at when calculating your credit score. Savings, do not have an impact on your credit score. In actual fact, the Data Protection Act means that a Credit Reference Agency is not allowed to hold this data.

My credit score is lower than I expected. Why is this?

Many things can influence your Credit Score: - A credit history of fewer than 6 years. This is the timeframe used to calculate your total credit score. A shorter credit history means that the Credit Provider has less information to base their score on. - Missed or late payments over the last 6 years. - Having only one or two accounts means there will be less credit history available on your profile. - Court Judgements or record of insolvency. - High credit limts - even if they are not being used. The high credit limit adds to your total accessible debt. It implies that you can still access all this debt if needed and will thus affect your credit score. Reduce credit limits. - Balances on your accounts that are very close to the credit limit indicate that you rely on credit to get through each month.

If I have missed a payment or made a late payment on my accounts, will this show on my credit report?

Yes, it will if it was within the last six years. This is due to the fact that your credit profile includes 6 years’ worth of payment history. Late payments will cause a negative impact on your credit score.

Does checking my own credit report have a negative effect on my credit score?

No, checking your own credit report does not have a negative impact on your credit score.

How can I get my credit score?

Negociate Credit Solutions aims to help people make better financial decisions. We have aligned ourselves with FinCheck that will help you make better decisions by viewing your credit report and credit score. You can sign up for the MyFincheck Credit Score Tool and get your FREE score directly here. Or, if you want to learn more about the tool, you can read about the features . Here's to your better financial future!