Your credit score is a number (or rating) that indicates to lenders how likely you are to repay borrowed money.
What affects your credit score
- Payment history — missed or late payments have the biggest negative impact
- Credit utilisation — using more than 30% of your available credit limit reduces your score
- Length of credit history — older accounts help
- Electoral register — being registered to vote significantly helps
- Hard searches — multiple applications in a short time lower your score
How to check your score
Free services include Experian, Equifax and TransUnion (through ClearScore). Each uses a slightly different model. You are entitled to a free statutory credit report from each agency.
How to improve it
Register to vote, pay all bills on time, reduce outstanding balances, avoid too many applications in a short period, and check for errors on your report.
Frequently Asked Questions
How can I improve my credit score quickly?
Register on the electoral roll immediately. Pay all bills on time. Reduce credit utilisation below 30%. Avoid multiple credit applications in a short period.
How long does it take to build a credit score?
With consistent positive behaviour, most people see meaningful improvement within 3–6 months. Adverse credit typically clears from your file after 6 years.