View more on these topics

Experian launches national credit score for consumers

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&#39s 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.

Recommended

Awards for uselessness

From Andrew ForseyI read with interest Mike King&#39s letter (Mortgage Strategy June 21) about lenders&#39 poor service affecting brokers income and I totally agree with what he says. We spend at least half of every day chasing lenders for progress on cases. By far the worst culprits at present are Mortgage Express, Platform, BM Solutions […]

Lifeboat goes live with Momentum software system

Lifeboat Financial Group has launched its advanced software system Momentum to its new mortgage network, Lifeboat Mortgage Solutions. All members of the network will use the Momentum Sales system provided to them by Crystal Software Solutions. The system supports the complete sales process including fact-finds, illustrations, recommendations, applications, electronic submission and case tracking. The system […]

AMI pleased as FSA starts sending MTA letters to networks

The Association of Mortgage Intermediaries annouced this week that it is pleased to note that the FSA has started the process of issuing minded to authorise letters to networks. Chris Cummings, AMI director, says: “The lead-up to regulation has created uncertainty in the market. One of the key questions facing any mortgage intermediary who has […]

Kick start

Euro 2004 is well underway and while the domestic season might have finished other trends are just emerging concerning those housed in the shadow of the Premiership&#39s elite. Top-flight football is notorious for its excesses, inflated wages, agents&#39 and transfer fees but over the past few months UK house prices have been soaring to levels […]

Thumbnail

Improving health and wellbeing through pensions auto-enrolment

As the auto-enrolment revolution is rolled out to companies with between 50 and 249 people, employers will be grappling with the new rules and requirements. Even though introducing the new regime can be time consuming, many employers are regarding it as an opportunity to review their benefits packages, with employee health and wellbeing regarded as a popular addition.

Newsletter

News and expert analysis straight to your inbox

Sign up