What is a credit score?

Companies known as credit reference agencies (CRAs) will compile your credit report. Experian, Equifax, and TransUnion are the ones used by lenders in the UK, and they will review your credit report before accepting any finance applications.

Each CRA has a different scoring system.

Equifax score you out of 700, TransUnion out of 710, and Experian will give you a score out of 999. When accessing your credit score, different CRAs will give you a different score even with the same information on file.

The higher your credit score, the less of a lending risk you are, and it’s much more likely funders will accept you.

But a perfect score is not sufficient on its own – in order to secure the finance you’ll also need to meet age, driving licence, and residency requirements.

Understand, monitor and check your credit score with the helpful of Credit Score Pro - who offer all Vanparison Leasing customers a 14-day free trial.