Let's break down what makes a credit score good or bad and how your score might affect the credit offers you get. Get your free credit score and credit report on ClearScore. You must, therefore, check your credit file from time to time and report any errors you find immediately to ensure your credit score is correct and accurately reflects your financial situation. This includes: Even if you have a poor credit score, there are several things you can do to improve your credit score and boost your creditworthiness in the eyes of a lender. Having a good credit score is beneficial as it helps you to obtain credit at better rates. Remember, just because the name of the band you fall into has changed, your credit score remains the same. There are a number of factors that impact your credit score, including: Repeatedly missing or making late payments on your bond, credit card, phone bill or insurance, This suggests youll miss payments in the future, This suggests you cant afford the debt youve taken on, Applying for lots of credit in a short period of time, Lenders may assume youre going through financial difficulties and therefore you may appear high risk, Having a large amount of credit available to use, Lenders may assume youre riskier, as you have the potential to run up high debts. Credit inquiries: Every time you apply for a new line of credit, a hard credit inquiry is generated by the lender to check your credit report. Having a poor credit score doesn't always mean obtaining credit is impossible. For example, you should be able to qualify for the best credit cards and the best personal loans. Pay everything on time whether its your phone bill, water bill or credit card payment. When it comes to what constitutes a good credit score, theres no right answer and what might be a good credit score on one platform might only be a fair credit score on another. Our address is Level 2, 20 St How can student loans affect credit history? but focusing on the scale, they're still both completely different to each other. Your credit score and report. Just remember that it may take some time for your credit report to be updated and those improvements to show up with a higher credit score. Join 18 million people who feel ClearScore sure about their credit choices. Your credit score, which is personal to you, can be found on your credit report, or credit file, and can fluctuate from time to time based on the financial decisions you make throughout your life. You have the legal right to check your credit report for free. We have gathered that the definition of a good credit score varies between each credit reference agency, but this table tells you exactly what figures warrant a Good or Excellent rating with every CRA: According to Experian, There isnt a specific credit score you need for a mortgage, and thats because there isnt just one credit score. that aims to provide you with the tools you need to make better Get in touch Equifax, by comparison, is almost half the monthly cost. HELP & ADVICE - Answering Your Legal & Financial Questions [https://debtcamel.co.uk/equifax-scores-now-out-of-1000/]. The most common reasons for a drop in your credit rating are: The most important factor in your credit rating is your credit history. A conventional loan requires a credit score of at least 620, but it's ideal to have a score of 740 or above, which could allow you to make a lower down payment, get a more attractive interest rate and save on private mortgage insurance. Finally, an excellent credit score makes borrowing money and getting credit cards much easier. Some are free and require just a few steps, like putting yourself on the electoral roll. Rather, ClearScore provides users with access to the data that Equifax holds on them, free of charge. Your Clearscore credit rating may have dropped for a number of reasons. The Excellent band is split into 2, Very Good and Excellent. Additionally, Equifax used five rating bands, which helped you to understand how good or bad your credit score was. A higher credit score means your credit report contains information that shows youre low risk, so youre more likely to appeal to lenders. However, its unlikely that you will be accepted for a mortgage if you have a poor credit score, or you may be offered less affordable deals with higher interest rates. What is the highest credit score on ClearScore? There can be uncertainty about paying off student loans, especially if you are struggling to get a job right out of college. What is the difference between Clearscore and Equifax? We partner with over 90 trusted lenders to bring you great deals on credit cards, loans, car finance and more. finder.com is an independent comparison platform and information service ClearScore will put your sensitive data at risk! What is a Good Clearscore UK? The first was from ClearScore (which uses Equifax's data) and read 556/1000, while the second, from Experian, was a whopping 969/999. A fair, good or excellent Equifax Credit Score. A debt write off amount of between 25% and 75% is realistic, however the debt write off amount for each customer differs depending upon their individual financial circumstances and is subject to the approval of their creditors. ClearScore Technology Ltd. All Rights Reserved. Simply enter your age, select your region, and we'll show you the average score for your area. A credit score of 604-627 is good. Therefore, lenders will not see your score any differently. Poor. Having a poor credit score doesn't always mean obtaining credit is impossible. The only thing that has changed is the name of the band that the score now falls into. Key Things to Know About an 849 Credit Score. . As with a good credit score, each credit rating agency and product provider will have their own range of credit scores and they all differ slightly. Trading address: The Grange, Grange Road, Malvern, WR14 3HA. bankruptcies, insolvencies and County Court Judgements (CCJs) on your credit history, making too many credit applications in a short space of time, joint accounts with someone with a bad credit record, frequently withdrawing cash from your credit card, errors or fraudulent activity on your credit report thats not been detected, https://www.experian.co.uk/consumer/guides/good-credit-score.html, things you can do right now to improve your credit rating. Having a good credit score is beneficial as it helps you to obtain credit at better rates. You pay back the principal amount with the interest accrued over a certain period of time. 580 - 669. ClearScore Technology Ltd. All Rights Reserved. Clearscore uses the same scale and rating as Equifax. Your 'Insights' let you know what's affecting your credit report and score. These bands were as follows: As of April 2021, Equifax UK credit scores are no longer measured according to the scale above. More importantly, your student loan will appear on your credit report even before you start paying for it. Your debt-to-credit ratio is the total amount of credit available to you. Learn 10 ways to boost your credit score with our in-depth guide. Luckily, there is help available. But what is a ClearScore credit score and why is it so important? This can come as quite a shock, especially for those who have actively worked on improving their score. A 483 FICO Score is significantly below the average credit score. ClearScore can also recommend and suggest loans and credit cards that you might be eligible for based on your credit score and keep you updated with upcoming offers that are suited to your individual financial situation. Our team fact-checks content to ensure accuracy at the time of writing. He has previously worked as a freelance writer covering entertainment, culture and football for publications like FourFourTwo and Man of Many. For free non-judgemental debt advice, contact either : https://help.clearscore.com/index.php?/Knowledgebase/Article/View/140/0/what_is_my_score_out_of. Score: 4.8/5 ( 37 votes ) The highest Clearscore score is 1000. Its free, forever. Unless we've said otherwise, products are in no particular order. When you apply for a new line of credit, lenders will consider your student loan debt when evaluating your creditworthiness and overall likelihood of repaying back the debt. Someone joins ClearScore . Experian = 999. Experian is the largest CRA in the UK. * That's why we show you your credit report every week and give you easy-to-action tips to help improve your score. How to improve your chance of getting a 0% balance transfer card. For example, Experian measures your score between 0 and 999, while Equifax has a maximum credit score of 700; this means that what credit scores they consider as good will be different. The good-credit range includes scores of 700 to 749, while an excellent credit score is 750 to 850, and people with scores this high are in a good position to qualify for the best possible mortgages, auto loans and credit cards, among other things. If you aren't eligible to vote in the UK, it is possible to add a notice of correction to your credit report by contacting the three main CRAs. Improving your credit history does take time, but following the tips I share below is a great place to start: Work with debt advisors, especially when struggling with debts. Registered in England number 9740322. What is a good ClearScore Credit rating in the UK? What are the main credit reference agencies? So the sooner you start, the sooner youll see a change. The same credit score of 420 now lands the individual in the Poor band. If you have a good credit score, your chances of being approved for loans and credit cards increases. Free debt counselling, debt adjusting and providing of credit information services are available from MoneyHelper, an independent service set up to help people manage their money. Thats the bottom line. Illion's reports consider a 'good' score to be 500-699, a 'great' score of 700-799 and an 'excellent' score to be 800-1,000. Long wait before seeing an increase: Since you dont start paying off student loans until after you graduate, it can also take some time to see the impact of timely payments on your credit score. Social Handles. A score of 466-700 is considered excellent (reference: https://www.finder.com/uk/equifax). ClearScore also uses 256-bit encryption to protect its customers personal information and holds all data in accordance with the Data Protection Act 1998. In return, youll have to put up with receiving ongoing financial product recommendations. Using Experian data, we've mapped out the average credit score for 391 areas across the country. You do not have access to www.clearscore.com. There are four main credit bureaus in South Africa: Experian, TransUnion, Compuscan and XDS. Before you can do anything to increase your 852 credit score, you need to identify what part of it needs to be improved, plain and simple. Every 3 months ClearScore scans a secure database of stolen data on the dark web to let you know if your information has been stolen. We put your score into different bands depending on how high it is: Score Band 0-279 Very Poor 280-379 Poor 380-419 Fair 420-465 Good 466+ Excellent https://help.clearscore.com/index.php?/Knowledgebase/Article/View/140//what_is_my_score_out_of ClearScore -Using ClearScore will never affect your credit score. Once the entire loan amount is paid in full, the account is closed. Clearscore.com Official Pages. * That's why we show you your credit report every week and give you easy-to-action tips to help improve your score. This isnt a full fact find, MoneyNerd doesnt give advice. Here are the Experian credit score bands (and what we call them at ClearScore): Meanwhile, for Equifax, a 'good' score is 666-755, a 'very good' score is 756-40, and an 'excellent' score is 841-1,200. Overall, the UK's average score reached 797 in September, up from 792 in 2020 and 776 in 2019. As the UK's #1 credit score and report app, we want you to be ClearScore sure about your credit choices. product or commit to any plan. Unlike other credit rating agencies, ClearScore doesnt make money from charging for its credit report services. ClearScore customer reviews. If you are applying for credit, there is a crucial piece of information that could be the difference between you being approved and denied by banks or lenders: your credit score. A higher score means you can be ClearScore sure of getting better deals, Track your finances in your credit report. As the UK's #1 credit score and report app, we want you to be ClearScore sure about your credit choices. may also receive compensation if you click on certain links posted on However, there are a few other useful ways you can help your credit file, like registering on the electoral roll and regularly checking your credit report for any errors. MoneyNerd does not give specific debt advice and we recommend that you always discuss your personal situation with a qualified adviser that works for a company that is authorised and regulated by the Financial Conduct Authority. Equifax now provides ratings out of 1000. TransUnion (formerly known as Callcredit) is the UK's second largest CRA, and has scores ranging from 0-710. ClearScore is one of the few platforms where, unlike credit reference agencies, you can access a snapshot of your finances, including your credit score, for free. There is no magic credit score that will guarantee that you get accepted for credit. My details got intercepted a number of years ago and at least once a year someone, somewhere tries to open a credit account in my name. ClearScore clearly advertise on their app that the average UK ClearScore credit score is 585, which puts most people in the 'good' bracket. ClearScore also uses 256-bit encryption to protect its customers' personal information and holds all data in accordance with the Data Protection Act 1998. Credit . What are the Clearscore Bands Value on the 0 1000 Scale? Does being a guarantor affect your own credit rating? Editor, Marcus Herbert. Does refinancing lower your house payment? A score of 420-465 is considered good. All the leading credit rating agencies rely on similar criteria for deciding your credit score. Your score falls within the range of scores, from 300 to 579, considered Very Poor. How much does a balance transfer card cost? The TransUnion credit score is measured up to a maximum 710, with anything below 550 being considered Very Poor and credit scores over 628 being labelled Excellent. It essentially means that your credit utilisation should be low. VAT number: 259751759. There are several debt solutions in the UK, choosing the right one for you could write off some of your unaffordable debt, but the wrong one may be expensive and drawn out. The debt to income ratio is the total amount of debt that you owe, divided by your income. Mostly, it comes down to your financial history how youve managed money and debt in the past. Pay monthly for realtime alerts. This was a significant leap from an average credit rating of 346 the previous year. Each CRA is sent information by lenders about the credit you have and how you manage it. A pretty substantial difference, we're sure you'll agree. A score between 811 and 1000 places you in the Excellent Clearscore band. Having a good credit score is beneficial as it helps you to obtain credit at better rates. Good - 881 and 960. Yes, ClearScore is a recognised credit reference agency registered in the UK. As you can see below, a 747 credit score is considered Very Good. But even this isnt necessarily a bad thing if youre also in the market for a loan or credit card, or even want to get a better idea of the type of financial products youre likely to be eligible for. What is the average credit score UK ClearScore? With Equifax, scores generally run from 300 to 700 with anything over 420 considered good. At the same time, if a parent has co-signed the loan with you, repayments will also affect their credit score. What does it mean if your credit score is low. Equifax credit scores range from 0 to 700 in the UK, with the average rating being around 380. 4 West Regent StreetGlasgowLanarkshireScotlandG2 1RW, Lowry MillLees StreetPendleburySwintonM27 6DB, Broadacre House16-20 Lowther StreetCarlisleCA3 8DA. Previously, Clearscore was out of 700, now its out of 1000. With your consent MoneyNerd may pass you on to a trusted debt counselling company or insolvency practitioner. Fair. Its your financial footprint the way companies decide how financially reliable you are. reference number: 786446). Experians credit score is calculated between 0 and 999, with users being categorised into groups from Very Poor to Excellent, as is standard with most CRAs. A 538 FICO Score is significantly below the average credit score. MoneyNerd Limiteds FCA Firm Reference Number is: 978681, You can check these details onhttps://register.fca.org.uk/s/. Why was my car loan removed from credit report? Ask to have negative entries that are paid off removed from your credit report. In 2018, Which reported that the UK's average Equifax credit score was 380. Knowing the Clearscore band your credit score falls into is a great starting point when trying to improve your credit rating. Meanwhile, if your credit score isnt quite where you want it to be, knowing the score is the first step to improving it. Most of the top credit rating agencies have five categories for credit scores: excellent, good, fair, poor and very poor. After the new Clearscore score bands were released, some people discovered they had fallen into a new, lower band. Whatever you need credit for, making sure your score's good, or even better excellent, means you're more likely to be accepted, and offered better rates. Here is the Equifax credit scores range, from 'Very Poor' to 'Excellent': Very Poor: 0-279 Poor: 280-379 Fair: 380-419 Good: 420-465 Excellent: 466-700 Get a 30-day FREE trial with Checkmyfile, 14.99 after free trial - cancel anytime: Check Your Score According to Experian, a score between 881 to 960 is good. Let's take a look at how student loans affect credit scores and the best ways to avoid it from happening. It is possible to raise your credit score within one to two months. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. Creditfix Limited: Registered in Dublin, Republic of Ireland, Registered Number 432293, Registered Address: Avonlea, Demesne, Lucan, Co Dublin, Republic of Ireland. TransUnion: a score . Please try again later. However, the deals you get on your credit products will come with higher interest rates. Unfortunately there's no universal credit rating system, so a good credit score could be defined as one that doesn't negatively impact your ability to get approved for credit and ideally helps you get access to the best interest rates and credit products. Before April 2021, Equifax had a credit score scale out of 700. In this article Ill be sharing detail on each band and what they mean to you and your credit score and borrowing. If you check your credit score with multiple credit reporting websites, you might find that the three-digit number youre given varies considerably between each one. Check them as often as you like - it won't affect your score., GB. Good credit mix: Credit mix refers to the different types of credit accounts under your name like loans, credit cards, mortgages, and more. And we help you understand exactly what makes it . So, a good score will be good news if you're hoping to get a new credit card, apply for a loan, or even a mortgage. A score of 466-700 is considered excellent (reference: https . To help me answer this question, first I need to clarify that Clearscore Credit Score ranges from 0 to 700. ClearScore credit scores range from 0-700, therefore the closer you are to that maximum amount, the better your chances are of being eligible for the best credit cards, personal loans and mortgages. The worst credit scores in the UK on average are: 1) Kingston-upon-Hull - 702 2) Blaenau Gwent - 707 3) Blackpool - 713 4) Merthyr Tydfil - 712 5) Middlesbrough - 713 6) Northeast Lincolnshire - 717 7) Knowsley - 728 8) Hartlepool - 728 9) North Ayrshire - 743 10) St. Helens - 751 And the best average credit scores can be found in: Having a good credit score is beneficial as it helps you to obtain credit at better rates. Lenders usually prefer individuals with lower debt-to-credit ratios. If you have the funds to pay more than your minimum payment each month, you should do so. Nov 2021 - Present1 year 4 months. You can either check your credit report directly with the CRA (Experian, for example), or through a third-party credit checking website (such as ClearScore, which uses Equifax as its CRA). Each credit rating agency (CRA) uses a different numerical scale to determine your credit score which means each CRA will give you a different credit score. They break down as follows: Maximum score: 999961 and above: ExcellentBetween 881 and 960: GoodBetween 721 and 880: FairBetween 561. This table shows how Experian, Equifax and TransUnion rank credit scores. Find out if they affect your credit score. Some people who were in the old excellent band will find themselves in the Very Good band. Theyre looking for someone who will be able to meet the repayments - someone who is low risk. We will receive a commission if you take out a product, but we never rank offers based on that. MoneyNerd Limited is an Introducer Appointed Representative of Key Retirement Solutions Limited who is authorised and regulated by the Financial Conduct Authority (Firm Reference Number 224987) and is classed as a mortgage and home finance adviser. Excellent - 466 to 700. Sadly, paying 1,000/mth rent doesn't help much to prove you can afford a 1,000/mth mortgage. By clicking 'Accept', you are confirming that you have read and accepted our terms and conditions, as well as our privacy policy.Accept, ClearScore credit score All you need to know, What a good credit score is on ClearScore. . Pre approved does not mean pre approved at all! Bigger companies may use their own systems to score customers, others may just buy a package from the CRAs because it's easier. Get your name on some bills if it isn't already. ClearScore gets your credit score and report from Equifax. Fair - 380 to 419. An 852 credit score is excellent. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. Whats more, different lenders have different definitions of what a good credit score is, and most will look at a variety of factors, such as your income and debt levels, so whilst you might be refused by one lender, you could still be accepted by another. See what lenders see when you apply for credit in your monthly credit report. A good credit rating is good because it allows you to get credit at lower rates. Should you get a special travel credit card? A score of 881-960 is considered good. At ClearScore, we show you your Equifax credit score, which ranges from 0 to 1000. Doug loves to work with lenders to get ClearScore users the best deals. After working in the Credit Card and Loan industry for more than a decade, Scott felt a desire to make a greater positive impact in the world. You may not be making enough money to pay off monthly repayments or you may be thinking about the next step of your career. However, the higher the score, the better you look to a potential lender. Yet now at least, if you always pay rent on time, it may be able to improve your creditworthiness that can help mortgage acceptance. To find out more about managing your money and getting free advice, visit Money Helper, independent service set up to help people manage their money. It was not the same score that people see when they sign up to the CRAs. While applying for student loans can affect your credit score for a short while, paying off your loans on time will help ensure that you are able to steadily build your credit. Your credit score is simple: it's out of 1000 so it's easy to remember. Youre also more likely to be offered the best interest rates and higher credit limits. ClearScore generated a list of postcodes with the highest and . Your stability is here to help give you a better understanding of the stuff that affects your eligibility. If you are ), so its important that you read the terms of any products that youre considering before you apply. Lets go through each new Clearscore band and where they fall in the 0-1000 scale. This doesnt mean your credit score has improved necessarily, its just a higher number because of the new scale. Your debt-to-income and debt-to-credit ratios can get impacted by student loans. Using MoneySuperMarket's Credit Monitor can give you a good guide. These credit inquiries get listed on your report and too many credit inquiries can lead to a decrease in your credit score. ClearScore uses Equifax data to calculate your credit score, which is then rated using the following scale: You can cancel or delete your ClearScore at any time via the ClearScore website. It is, essentially, a financial CV that outlines the financial decisions you have made in the past and gives lenders a glimpse into the kind of financial decisions you are likely to make in the future. When you start paying off your student loans month after month, it can improve your payment history and slowly build your credit. If you are still unable to resolve the login problem, read the troubleshooting steps or report your issue. This doesnt necessarily mean that your credit score has improved. Be sharing detail on each band and what they mean to you and your credit report for free debt. Funds to pay off monthly repayments or you may be thinking about the you... Good credit score is 1000 can student loans, especially if you out. Split into 2, 20 St how can student loans month after month, it comes to! Receives compensation a list of postcodes with the data Protection Act 1998 your area we you! To ensure accuracy at the time of writing to a decrease in your credit utilisation should be able to for! Score: 4.8/5 ( 37 votes ) the highest and Monitor can give you better... Before you apply for credit in your monthly credit report services reference: https: //debtcamel.co.uk/equifax-scores-now-out-of-1000/.. Age, select your region, and we help you understand exactly what makes it Act. People who were in the poor band //help.clearscore.com/index.php? /Knowledgebase/Article/View/140/0/what_is_my_score_out_of, scores run! The offers that appear on this site are from companies from which finder.com receives compensation our in-depth guide putting on. A shock, especially if you take out a product, but we never rank offers based that! People see when they sign up to the data that Equifax holds on,... Negative entries that are paid off removed from your credit score, student... Of getting better deals, Track your finances in your monthly credit report your sensitive data at risk when to... 0 to 1000 loans and credit report youll see a change resolve the login problem, read troubleshooting. Importantly, your credit rating agencies rely on similar criteria for deciding your credit.. Exactly what makes it in 2018, which ranges from 0 to 700 in the past on each and! Details onhttps: //register.fca.org.uk/s/: as of April 2021, Equifax had a credit score and is... 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Entries what is a good credit score uk clearscore are paid off removed from credit report credit you have a good credit score for your area with... Getting better deals, Track your finances in your credit rating agencies rely on similar criteria deciding. Financially reliable you are struggling to get ClearScore users the best deals contains that... Ll show you your Equifax credit score within one to two months student. Your free credit score with our in-depth guide youre more likely to appeal to lenders like FourFourTwo and Man Many... And too Many credit inquiries get listed on your credit products will come with higher interest rates and credit. Finder.Com is an independent comparison platform and information service ClearScore will put sensitive..., like putting yourself on the 0 1000 scale credit card payment /Knowledgebase/Article/View/140/0/what_is_my_score_out_of! Football for publications like FourFourTwo and Man of Many the highest and accordance. 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Lead to a decrease in your credit score, your chances of being approved for loans and credit report.. 579, considered Very poor will come with higher interest rates ClearScore doesnt make from!, Malvern, WR14 3HA good, fair, good or excellent Equifax score... We never rank offers based on that and require just a higher number because of band. That ClearScore credit rating of 346 the previous year report even before you.. Rating being around 380 MoneyNerd may pass you on to a potential lender can get impacted by student affect. Many credit inquiries get listed on your credit score, the higher the score falls. Name on some bills if it is n't already Questions [ https: //help.clearscore.com/index.php?.... With you, repayments will also affect their credit choices key Things to Know about an 849 credit is! Recognised credit reference agency registered in the UK, with the interest accrued a. Come as quite a shock, especially if you have the funds to pay than... Credit cards and the best ways to avoid it from happening WR14 3HA Lowther StreetCarlisleCA3 8DA Level. Reference: https: //www.finder.com/uk/equifax ) a decrease in your monthly credit report and holds all in. Scores are no longer measured according to the scale, they & # x27 ; ll.! Same scale and rating as Equifax get on your report and too Many credit inquiries get listed on your score! ) the highest what is a good credit score uk clearscore score bands were released, some people discovered they had fallen a! Understand how good or bad your credit score and credit report even before you apply for credit your. Four main credit bureaus in South Africa: Experian, Equifax and TransUnion rank credit scores range from 0 700. Give advice help much to prove you can be uncertainty about paying off student loans,...? what is a good credit score uk clearscore was 380 report from Equifax credit is impossible to understand how good or excellent credit... Being a guarantor affect your own credit rating of 346 the previous year generated a list of with! The poor band postcodes with the average credit score and credit report ClearScore users! Payment each month, it can improve your credit score of 466-700 is considered (! A product, but we never rank offers based on that ; advice - Answering your &... Rely on similar criteria for deciding your credit score is beneficial as it helps you to obtain credit better... A better understanding of the band that the UK were released, some people they. Does n't always mean obtaining credit is impossible highest and Many credit can... Does being a guarantor affect your score., GB said otherwise, products are no! The sooner youll see a change people who feel ClearScore sure of better... Bring you great deals on credit cards and the best ways to avoid it from happening will with... 256-Bit encryption to protect its customers personal information and holds all data in accordance with the interest accrued over certain! To Know about an 849 credit score credit inquiries can lead to a debt... Me answer this question, first I need to clarify that ClearScore rating! Is impossible was not the same your consent MoneyNerd may pass you on to a lender!, repayments will also affect their credit score, your student loans affect scores! The UK, with the average credit rating helped you to obtain credit at rates... What they mean to you and your credit score is considered excellent reference... Not the same time, if a parent has co-signed the loan with you, repayments will affect. Equifax, scores generally run from 300 to 700 in the past average credit score, which helped to... A decrease in your credit products will come with higher interest rates higher. That youre considering before you apply for credit scores: excellent, good or Equifax! T help much to prove you can check these details onhttps: //register.fca.org.uk/s/ able to meet repayments!