TransUnion is the new trading name of Callcredit in the UK. The usual high levels of service and products will continue as normal whilst we update the brand over the coming months.

What does my credit rating/score mean?

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  • What is a credit score?

    A credit score is a number this is calculated based on the information in your credit report. It represents the creditworthiness of that person and the likelihood of them making repayments. Each credit reference agency has a different version of a credit score and most lenders generate their own score based on the information in your credit report. A high score means they are more likely to be accepted for credit.

  • What is a credit rating?

    Your credit rating is an assessment of your credit worthiness based primarily upon your history of borrowing and repayment. It’s shown as a score out of 5. The higher your credit rating the lower your credit risk and the more likely you are to have your application for credit accepted.

    Remember a high credit rating is not a guarantee that you will be accepted for any product that you apply for, nor does a lower one mean that you will be turned down as this is at the sole discretion of the product provider. Every credit provider will have their own rules and use a combination of the following to help them make their decision:

    1. Information supplied in your application
    2. Information supplied by a credit reference agency such as Callcredit. We help lenders check if you're on the electoral roll at your current address, if you've paid your credit commitments on time and if you have insolvencies or County Court Judgments
    3. Details about any existing accounts you already have with the lender
    4. Their own policies and rules
  • What do the different credit ratings mean?

    Credit rating 1

    A rating in this banding indicates that you are likely to have difficulty obtaining credit and may find that credit providers will turn you down. When you’re accepted, you will often find that it will be for offers with higher interest rates than you may see advertised.

    Credit rating 2

    A rating in this banding indicates that you will sometimes be rejected when applying for credit. Where companies offer different interest rates to people depending on their status, if accepted you may tend to be offered a higher than normal rate of interest.

    Credit rating 3

    A rating within this banding indicates that you may occasionally be rejected when applying for credit. You may find you can’t get all the best deals in the market, and in cases where companies offer different interest rates to people depending on their status, you will tend to be offered a typical or higher rate.

    Credit rating 4

    A rating within this banding indicates that you’re more likely to be accepted when applying for credit, and are in a position to choose between different credit providers who view you as a low risk.

    Credit rating 5

    A rating within the top banding indicates that you are usually unlikely to be rejected when applying for credit, and can take advantage of the best deals available in the market.

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