Experian yesterday announced the launch of the National Credit Score. This service will provide UK consumers with access to their credit score and an at-a-glance summary of theircredit status based on information held on their full Experian creditreport.
Consumers in the UK have an average of five active lines of credit and the national consumer debt has now surpassed the £1trillion mark so credit management and understanding has never been more important.
Jill Stevens, director of consumer relations at Experian, says: “The National Credit Score is an important addition to our popular online service CreditExpert. It enables people who want to monitor their credit information to better understand how lenders may view their credit historywhen they apply for credit.
“We conducted extensive consumer research which revealed that there is a great demand for this service. Using credit is a way of life for most of us, which is why it is important to make sure we have the knowledge that can empower us to take a more informed approach to borrowing.”
Stevens adds: “Most people are aware that lenders score credit applications, but theyare not sure what this means and what information is used.”
The new service is an online tool that instantly calculates an individual's personal credit score based on their Experian credit report and is provided in an easy-to-read online format showinga National Credit Score as a number ranging from 0-1000. A higher score generally indicates that lenders will consider it less risky to grant someone credit.
Also shown is a National Credit Score category which will be excellent, good, fair, poor or very poor, a comparison to the UK average score and guidance on what may be affecting thescore and an indication of how credit history may influence a lending decision.