Loanfinder UK

The first thing you need to know about working out your credit score is that there's a database where your score is kept. There are three main credit reference agencies (CRAs) who are sent a record of your monthly repayments from; banks, household utility providers, mobile phone contract suppliers, lenders, credit card providers and all other creditors. It is also planned that landlords and housing associations will start to supply monthly rental payment information to the CRAs later in 2012. The repayment information these companies pass to CRAs tells them; your outstanding balance is, how much you are paying each month, how much you are supposed to be paying each month and whether or not you're making your repayments on time.

A common misconception amongst consumers is that if you have never had any credit then you must have a good credit profile. No news on your credit file is unfortunately not good news.