Credit rating? Credit scoring? Credit report?
You’ll see a lot of different terms being used when talking about credit ratings. Here’s what they mean.
A credit rating (also known as a credit score) is a number that shows how well you've managed your money based on your previous credit history. It's calculated using the information in your credit report.
Credit scoring is all about trying to predict your future behaviour based on your financial history. Credit Reference Agencies and lenders have different ways of scoring.
A credit report (also known as a credit file) is a record of your credit history compiled from a number of sources, including banks, credit card companies, collection agencies and governments.
Statutory credit report
Everyone is entitled to a one-off statutory credit report from a credit referencing agency. It contains public and private information recorded in your name over the last six years.