Your credit score is a measure created by Credit Reference Agencies to help financial institutions and banks to rate your ability to pay back potential loans or credit you take. It’s based on your credit history and measures how well you handle your financial commitments (among other things). The higher your credit score is, the better credit offers you may receive from the potential lenders.
The credit score used by financial institutions comes from one or more of the 3 main Credit Agencies in the UK: Experian, Equifax and TransUnion. Each of these providers will calculate your credit score to help lenders decide on your credit application.
The Credit Agencies use your credit history and all publicly available information (for example your Voters Roll Registration) to calculate your score. Usually, a high score would mean that you’re more likely to be accepted for credit with lenders.
Monese Credit Builder offers you an interest free way to build your credit score. As Monese reports your Credit Builder performance to all the 3 Credit Agencies, you are very well placed to get better credit offers once your Credit Builder performance is accounted for. You can read more about it here