When you make an application for credit, the lending company will look at your credit file with more than one of the credit guide agencies. But so how exactly does this impact you?
The 3 primary credit guide agencies within the UK – Experian, Equifax and TransUnion – each hold different individual and economic information about you which forms your credit rating. They normally use this given information to generate your credit score – and all of the is taken into account whenever you make an application for credit.
But this is how it gets confusing – there is absolutely www.titleloansusa.info/payday-loans-ma/ no such thing as a score that is universal. Each agency has its own scale… for example, Experian’s goes from 0-999; Equifax’s from 0-700; and TransUnion’s (formerly referred to as Callcredit) from 0-710… and each features its own way of determining your rating. Read more