What is a good credit score on Checkmyfile?

Couple reviewing their credit score on Checkmyfile
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    Thinking of applying for a loan? More often than not, your credit score plays a pivotal role in helping you secure reasonable interest rates and better loan terms from most UK lenders. But, with many credit reference agencies to choose from, you may have trouble finding the most accurate credit scores.

    Checkmyfile is one of the top, trusted credit reference services in the UK. It helps you understand how lenders might view you by providing a unique score based on combined information from three credit reference agencies.

    Get an in-depth breakdown of your credit rating by signing up for Checkmyfile today—30-day free trial, followed by a £14.99 monthly fee (cancel anytime).

    At One, we are an experienced team of property experts offering valuable information and guidance for residential and commercial clients looking for large loans. We specialise in helping clients get bridging loans (which are short-term loans typically used to briefly cover funds for property transactions).

    We understand the importance of good credit. While many bridging loan lenders tend not to rely solely on a good credit score for their lending criteria, it is still very important. In this blog, our experts guide you through understanding your Checkmyfile credit score to help you prepare for your future financial needs.

    What is Checkmyfile?

    Checkmyfile is one of the leading credit report services in the UK, offering comprehensive credit reports sourced from three credit reference agencies, including Equifax, Experian, and TransUnion. Many brokers and financial advisors encourage Checkmyfile for those looking to secure good loan deals. It also has an Excellent rating on Trustpilot.

    How often does Checkmyfile update?

    Most lenders provide updates to credit reference agencies monthly, who then update their own databases. Your Checkmyfile credit report will typically update monthly in line with the other major credit reference agencies.

    However, this may vary depending on when lenders and agencies update their databases. This is why Checkmyfile issues a multi-agency credit report to give you the most accurate overview of your credit file.

    How does Checkmyfile determine your credit score?

    There are numerous supporting factors that make up your Checkmyfile report, such as your payment history, payday loans, types of credit accounts, credit utilisation and any financial associations. Checkmyfile analyses your financial data across multiple credit reference agencies and provides a unique credit score between 0 and 1000.

    Your Checkmyfile credit score is shown on a visual scale from red to green. Typically, a good Checkmyfile credit score falls anywhere in the green section, while a poor credit score is likely to be in the red section. Anything in between will be considered average or fair.

    Checkmyfile credit score scale

    While it isn’t the only factor that lenders consider, having a higher credit score will help you when making future credit applications and may even lead to better interest rates and loan terms.

    What credit reference agencies does Checkmyfile use?

    Checkmyfile uses three main credit reference agencies to prepare a comprehensive report to assess your overall credit health.

    These include:

    1. Equifax
    2. Experian
    3. TransUnion

    What if I spot a mistake in my credit history?

    A mistake in your credit history can have a detrimental effect on your credit score, especially if it goes unnoticed. While it isn’t very common, if you spot a mistake on your credit report and are sure it shouldn’t be there, contact the lender as soon as possible to notify them of the error and find a resolution.

    If the lender doesn’t get back to you swiftly, you can contact the credit reference agencies and urge them to investigate the issue with a Notice of Dispute.

    Not all errors will have the same effect on future credit applications. However, if you do happen to notice something that isn’t entirely accurate, it’s always a good idea to look into it.

    You may be able to add a Notice of Correction to your credit report in certain situations where an error is yet to be resolved, or you have a valid reason for any negative information on your report. A Notice of Correction is a short 200-word statement that allows you to explain any inaccuracies or issues on your credit report.

    Why should you use a credit report service?

    Using a professional credit report service, such as Checkmyfile, enables you to see how your credit status appears to lenders. It helps you monitor your habits and quickly pick up any inaccuracies, keeping you in control of your finances.

    With a clear understanding of your credit history, you’ll be able to see exactly how your spending habits and financial situation could impact your ability to borrow money.

    Most mortgage lenders and loan providers will require a good credit report. So, if you want to improve your credit rating or check your credit history before applying for a loan, then a multi-agency credit report service can be beneficial.

    Benefits of using Checkmyfile

    Trying to understand how your credit score compares across the various credit reference agencies can be confusing and time-consuming, not to mention expensive if you have multiple subscriptions.

    Checkmyfile offers a deeper overview of your credit history, providing information from not just one credit reference agency but three! This means you’ll always have an accurate and up-to-date credit score available.

    Checkmyfile also lets you see how financial associates could impact your own credit score when applying for credit. This can be very useful for family members and couples who have joint accounts, as it allows you to monitor how each of your credit reports impacts one another and improve them.

    Looking to check your credit report? Find it here

    If you’re looking to check your credit history before applying for a short-term bridging loan, Checkmyfile provides a comprehensive report. With Checkmyfile, you can see exactly how your score compares across three major credit reporting agencies in the UK.

    By understanding your credit score and taking the right steps to improve it, you can take control of your financial situation and put yourself in a better position to apply for a loan.

    Learn more about your credit history today! Sign up with Checkmyfile for a FREE 30-day trial, followed by £14.99 per month (which can be paused at any time).

    Affiliate disclaimer

    Please note that this article contains affiliate links, and we may receive a commission if you purchase a subscription after clicking on one of these links. At One, we always do our best to give fair and honest opinions about any topics discussed to help you make the most informed decision.

    Picture of Mark Piper
    Mark Piper

    Mark is the senior advisor at One Commercial Loans and has a wealth of experience in bridging and property finance.

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