Best Websites to Check Your Credit Score
If you're looking to get car finance, one of the first steps requires checking your credit score. Your credit report plays a significant role in getting any type of finance, including car. Generally speaking, the higher your credit score the better the offers available to you. But how can you check your score to see if it's in good shape or needs some improvements? Here, we've got the best websites to check your credit score before buying a car using finance as well as a few general tidbits about your credit report.
Who Provides Your Credit Report?
There are three primary credit reference agencies (CRA): Equifax, Experian and TransUnion. They provide credit reports, and you can get a score from all three of them. Lenders will ask one or more of these agencies for credit information on you before accepting any applications for finance.
Other companies also provide credit scores (included in our list below), but they base the report on one of the three credit reference agencies mentioned above. So your score will always come from one of Equifax, Experian and TransUnion, but you can access it using several companies.
Can You Check Your Credit Score for Free?
Equifax and Experian offer free trials or basic reports with information from your credit file. But if you want more information, such as detailed insights into your score and how to improve it, you will need to pay for their full credit-report services.
Alternatively, you can get a free credit report from a variety of companies. They provide more in-depth insights than the big three's free offering, giving you suggestions and tips on how to improve your score. However, it’s worth remembering that any company you use to access your score will get it from one of Equifax, Experian or TransUnion to provide your credit report.
Best Websites to Check Your Credit Score for Free
ClearScore uses Equifax to provide a credit report, as well as information on how you can improve your score. It updates the report once a month and has an eligibility checker, which shows you finance options that meet your eligibility. ClearScore is completely free to use for life.
MSE Credit Club
MSE Credit Club offers complete access to your credit report, which is provided by Experian, the largest credit reference agency. Reports are updated each month, and you can see details of all the credit accounts you own, as well searches made against your file and linked addresses.
Access your TransUnion credit report with Credit Karma, which also doesn't charge for its service. Credit report information is similar to the ones found on ClearScore and MSE Credit Club, with one primary difference: your credit score is updated every seven days. That means you don’t need to wait until the start of the month to see updates.
Credit Monitor also uses TransUnion for credit scores. The completely free service is an alternative to Credit Karma and is powered by MoneySupermarket. Like most options, Credit Monitor updates your details monthly rather than weekly.
You can go straight to the source and use Experian to check your credit score for free. Its version is stripped back, however, so you only get the basic score without any meaningful insights into how to improve your credit score if needed. If you want to try the full credit score, you can sign up for a free 30-day trial that gives you access to Experian’s CreditExpert.
Like Experian, you can see your credit report for free with Equifax. The only way to do this, however, is by signing up for its 30-day free trial. After the trial, you'll £7.95 per month if you wish to continue. For that price, you'll get full insights into your score and how to improve your credit rating.
What Credit Score Do I Need to Finance a Car?
There's no magic number when it comes to the right credit score to get car finance. But the higher your score, the more likely it is that you'll have access to favourable interest rates. Consequently, you'll pay less in monthly payments with a lower interest rate. That's why it's helpful to have a high credit score, as it often means lower monthly repayments for your vehicle.
What is a Good Credit Score to Finance a Car?
So, you're wondering what credit score is needed to get car finance. While there isn't an ideal number, having a score in the higher echelons is likely to lead to better offers and lower interest payments. Credit reports are handled differently depending on the lender: some rank your score out of 1,000, while others cap it at 700. For instance, if you have a score of 900 based off 1,000, then you're in good stead. Likewise a 650 out of 700 means you've got a good credit score and can expect lower-interest finance deals.
Car Finance and Credit Scores
There are various options for checking your credit score online – some paid and some free. In reality, you don’t need to pay, as companies like ClearScore and Credit Club provide in-depth score analysis for free. That means you can access your credit score without paying a penny. 👍
If you're ready to purchase your next car with finance, check out Carmoola and see if there's a deal waiting to be taken advantage of. You can cruise through finance, receiving your budget in just 60 seconds and with no impact your your credit score. Begin your journey!