Who Can See Your Credit Score?

Who Can See Your Credit Score?

Some people believe that your credit score is completely private, whereas others think that anybody has access. Therefore, gaining an understanding is crucial in order to find all of the correct information and move you in the right direction. With the internet making it so easy to access anything you need, getting a hold of your own financial information is simpler than ever, yet still extremely secure! So, this is now the perfect time to get back on track and open your finances up to more opportunities.

What Is A Credit Score?

A credit score is a scaled number that is based on your spending patterns and financial decisions. It’s a three-digit number that is used to decide whether you could be accepted for credit. Using the information provided on your credit report lenders can easily tell if you are safe to lend to. Those with a poor credit score are less likely to be accepted as they can be a risk to the providers when it comes to aspects like repayment. However, those with greater scores are not only more likely to be accepted, but could potentially also receive a lower interest rate.

Despite this, here at PM Loans, we do offer loans to those with bad credit scores giving you the opportunity to work towards a healthier financial future.

Where Can I Find My Score?

Checking your credit score is essential for progression and improvement. However, there are obstacles in the way which may prevent you from doing so. These could consist of not knowing where to look, already recently checking or even not understanding why you should do so. Finding your credit score is easy once you know how to. In fact, there are multiple ways in which you can view your score. Visiting an online credit agency allows you to view your score online for free (this has only recently been introduced free of charge after regulation changes). There are three credit agencies that hold credit reports on you, these are Equifax, Experian and TransUnion. Alongside this, multiple online banking apps now also allow you to view credit scores for no cost.

Can Everyone See It?

By law, there are restrictions on who can view your credit score and for what reason. Thankfully, not everybody can get a copy whenever they like. In fact, most of the time people will need some sort of personal permission to gather any financial information of yours. Despite it being so difficult for external sources to access, viewing your credit score as an individual is only getting simpler. This is to encourage people to take control of their finances. In fact, under the terms of the Consumer Credit Act in 1974 consumers have a statutory right to access a copy of their credit report. Nevertheless, there are multiple businesses that can, some of which include:

  1. Government Agencies
  2. Lenders & Banks
  3. Mortgage Providers & Insurance Companies

How Can I Improve My Credit Score?

Improving your credit score takes plenty of time and dedication. However, there are plenty of techniques that work efficiently and effectively when trying to improve your score.

Surprisingly, some of the best ways to make improvements almost seem completely irrelevant to your finances yet actually have a huge impact. One of the most common tips is registering on the electoral roll. Proving where you live by entering your current address will help to boost your score and reach a higher status making it more appealing to lenders.

Another technique we suggest is making payments on time. Ensuring all of your payments are correct will also massively benefit you and your credit score. But will also gradually help you stay out of debt and build up your positive financial relationship.

There are hundreds of ways you can improve your credit score, for more ideas click here.