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Understanding how credit scores work can be complicated and often frustrating when it affects your ability to borrow. Lenders such as banks and credit card companies use to help them decide how likely it is that they will be repaid on time if they give a person a loan or credit card. Consequently, this means that it’s crucial to know about your credit score as the higher your score is, the less of a credit risk you are.   

Three credit reference agencies in the UK calculate credit scores and generate reports based on an individual’s credit history. The information sent from these credit agencies is how they determine your score. Credit comes in many forms, such as credit cards, overdrafts and mobile phone contracts. Therefore, the companies who provide such services want to make sure that you’re likely to make the repayments on any loans or credit they provide.  

If you have a poorer credit score this might mean that you’re seen as a high risk. However, there is no need to worry, as there are plenty of steps you can take to improve your credit score. For example, ensuring you pay all your bills on time and tackling existing debt are some initial steps that can improve your credit rating substantially.  

For more information, Sainsbury’s Bank has created a complete guide to credit scores to help you improve your credit score. 

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