If you’re a director or a proprietor it’s important to check the individual and commercial sections of your credit reportĪge of credit report. It flags you as a greater risk than infrequent applications for credit with a few credit providersĭirectorship and proprietorship information Directorship and proprietorship information on an Equifax Credit Report may impact your Equifax Credit Score. Shopping around for credit and applying to a number of different credit providers within a short space of time may negatively impact your Equifax Credit Score. This can include any loan, mortgage or utilities applications you may make. Every time you apply for credit and a credit provider obtains a copy of your report, an enquiry is added to your credit report. Number of credit enquiries and shopping patterns. For example, mortgages, credit cards, personal loans and store finance may carry different levels of risk Both the type of credit and size of the loan or credit limit you have applied for in the past can have an impact on your Equifax Credit Score. The type and size of credit requested in your application. For example, a non-traditional lender may have a different level of risk than a bank or credit union What’s more, research shows that there’s a different level of risk associated with lenders in particular industries. For example, there may be different levels of risk associated with approaching a bank, store finance provider, hire-purchase and utility company for credit.
The type of credit provider making an enquiry on your Equifax Credit Report (that is the type of credit provider you’ve applied for credit with) may impact your Equifax Credit Score. There are a number of key contributing factors that are taken into consideration when generating your Equifax Credit Score: In simple terms, the higher your Equifax Score, the better your credit profile and the lower a credit risk you are. Your Equifax Credit Score will be a number between 0-1200. Your Credit Score is derived from information held on your Credit Report. Finance and Utility providers may take into account your Credit Score when you apply for credit.
Your Equifax Credit Score is a summary of your credit information held by Equifax.
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