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Your credit score is a reflection of how well you’ve managed your finances

What is my credit rating used for?

Secured Loans > Our Loans > Bad Credit Loans > Credit Rehab > What is my credit rating used for?

What is my credit rating used for?

Generally speaking, the main reason that banks and lenders will check your credit score before approving a credit application is to determine how much of a risk you would pose. Your credit score is a reflection of how well you’ve managed your finances for the past six years.

Furthermore, your credit rating is used nowadays for more than just applying for a personal loan or a mortgage. Other areas of day to day life such as mobile phone contracts where your credit score has a major effect on how good of a deal you qualify for.

Another relatively unknown area where credit scores are used are from prospective employers. This is often likely to happen when applying for jobs in certain industries such as financial services. Your credit report can be used to confirm your identity, making sure that you are who you say you are.

Everyone has the legal right to see a copy of their credit report, so you can see how it fares before approaching a lender. You can check yours by consulting a credit reference agency, such as Experian, Equifax or Callcredit, and many of them offer free trials.

When you do see it, check whether there are any mistakes that could negatively affect your rating. It could be that you’ve been a victim of fraud. If you see anything that concerns you, contact the credit reference agency who will either remove the information or tell you why they disagree with your claim.

Warning: Late payment can cause you serious money problems. For help, go to moneyhelper.org.uk

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Evolution Money 96 out of 100, based on 178 reviews over the past year. 178 user reviews. Read our reviews

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Our Address

Evolution Money,
9 Portland Street,
M1 3BE

Registered Company Number: 06987852

Contact by Phone

General Enquiries:
0161 814 9158

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 9 Portland Street, Manchester, M1 3BE. Authorised and regulated by the Financial Conduct Authority, firm reference number 708324.

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

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