What is a credit score?
A credit score is used by lenders to help them decide whether to give you a credit product. This might be a loan, credit card, overdraft, insurance product or any service where you pay for something in instalments.
There are three main agencies which keep databases of credit history: Equifax, Experian and TransUnion. These agencies use your credit history to calculate a credit score, based on your past history of using credit services, which lenders can then use in their decision making.
