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Credit scores demystified...

Brand new credit score infographic

Home > Infographics > What is a Credit Score?

What exactly is a credit score, and why is it so important? If you’ve been unlucky enough to be turned down for a mortgage, loan or a credit card limit increase, don’t panic – you’re not alone. For many people, this is the first time they learn that they even have a credit score, let alone be told that their credit rating isn’t high enough to grant them the product they’d applied for.

When you apply for any kind of credit, most lenders will need some form of assurance that you are in a position to repay the money they have lent you, including any interest. To help them assess this, they collect information and calculate a credit score. Generally, the higher the score, the lower the risk it is for them to give you credit.

If you make an application for a loan, mortgage, credit card or other form of borrowing, the lender will perform a credit check on you. The credit check will be used to form part of the lender’s decision-making process to ascertain whether you would be a risky borrower and assess your ability to pay the loan back.

Nevertheless, when it comes to securing a product from Evolution Money, whether it’s a secured or an unsecured loan, a credit score isn’t the be all and end all of the application. We assess the individual as a whole, making sure we take all personal factors and circumstances into consideration when we make our decision. We wouldn’t rely solely on a computer generated credit score on whether to say yes or no.

In our new infographic, we break down credit scores to explain how they are generated and what exactly they are used for. We’ve also included some of the most important information that makes it’s way onto a credit report, and what are some of the different ways that credit scores can be improved.

Credit infographic final
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Evolution Money 90 out of 100, based on 112 reviews over the past year. 112 user reviews. Read our reviews

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Our Address

Evolution Money,
9 Portland Street,
Manchester,
M1 3BE


Registered Company Number: 06987852

Contact by Phone

General Enquiries:
0161 814 9158

Complaints:
0161 814 9165

Contact by Email

Evolution Money Limited is a licensed credit broker and service provider to Evolution Lending Limited. If your application doesn’t meet the underwriting requirements of Evolution Lending Limited we may pass your information to other lenders and brokers. Evolution Money Limited is a company registered in England & Wales, registration number 06987852 and registered at 8 St John Street, Manchester, M3 4DU. Authorised and regulated by the Financial Conduct Authority, firm reference number 708324.

© 2018 Evolution Money | Cookies | Complaints Policy | Breaking Down Our Loans | Terms & Conditions | Fair Processing Notice
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Fair Processing Notice

Who we are:

Evolution Money Ltd, Progressive Money Ltd and Evolution Lending Ltd are all wholly owned subsidiaries of Darwin Loan Solutions ('the Group').

We take your privacy seriously and will only use your personal information to

A) Discuss loan offers and provide you with the products and services you have requested.
B) If you take out a loan with us and become our customer, it will also be used to manage your loan.

We'll keep your details for up to 12 months to enable us to help you with your loan application. If you don't take out a loan with us, we will delete your enquiry details unless regulations say we must keep them for longer.

This won't change any marketing preferences you've already chosen.

How we control and process your data:

Our companies hold and process your personal data in accordance with Data Protection law in the UK. We are committed to maintaining the privacy and protection of all personal data collected in connection with our broker and loan services. We may share your information with credit reference agencies and other companies for use in credit decisions, for fraud prevention and for debt collection purposes.

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If you're happy to be contacted about these, please click the boxes to tell us how you want us to get in touch with you.

You can change how we contact you at any time by simply getting in touch with us on FPNandmarketing@darwinloansolutions.co.uk or 0161 814 9210.

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We would love to tell you from time to time about special offers and deals from our carefully selected partners.

If you're happy to be contacted by them please click the boxes to tell us how our partners can get in touch with you.

You can change how we contact you at any time by simply getting in touch with us on FPNandmarketing@darwinloansolutions.co.uk or 0161 814 9210.

Your choices do not affect your enquiry/loan application in any way.

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Please read the full details of our Fair Processing Notice including Credit Reference Agency Information Notice (CRAIN) Click here to see a copy of the CRAIN.

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Evolution Money are a multi Award Winning UK finance company with thousands of happy customers!

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Our friendly loan advisors can let you know if you're eligible for a loan without affecting your credit score. Why not give us a call today!

Freephone 0800 144 8188

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