Until recently I did not think much about the impact anything has on my credit score, after all I am not looking to gain additional financing right now. However I was recently watching TV (rare I know!) and on popped an advert for Clearscore, boasting to be a free credit checking service.
So I thought sure why not, if its free I will check out what my current score is, after a relatively quick and easy sign up process it was given my score which sat just above the UK average. I have used Equifax and Experian before both paid for services and I was shocked to see on my free credit report some historic debt, not previously identified and not mine, luckily there is a simple tool within the website to report potential errors.
One thing that I did not know previously is that along with all the financial markers used to calculate credit score, things like being on the electrical role counts towards the scoring system.
So what is the big deal about credit score?
Well a poor credit score can seriously hinder you, from aspects such as renting or buying a new house. I had to supply a detailed credit report before I was even allowed to look around a house before now!
As for renting, it is becoming more and more important to supply credit history rather than the actual money you earn, this is down to the fact that the market is currently flooded so Landlords have a bigger scope when it comes to finding the ideal tenant.
Currently I am still trying to get the identified error removed off of my credit report, it is quite a process but one that could have sat there unidentified for some time with out Clearscore identifying it, now I am in the process of tackling Talk, Talk who I have never had any financial dealings!