How to Improve Your Credit Score on Clearscore
A high credit score is beneficial in many ways. Not only does it increase your chances of getting accepted for car finance, but it also gives you access to the lowest available interest rates, which means you'll be able to keep monthly payments down. So, all in all, a good credit score is, well, good. Lots of people check their credit reports using Clearscore, so it's only natural that they want to know how they can improve their score on the website (or app). This guide has everything you need to know about Clearscore and improving your credit rating.
What is Clearscore?
Clearscore provides its users with access to their financial information and credit scores. However, Clearscore doesn't calculate your score. Instead, it uses the figure from Experian, one of the three primary credit reporting agencies (more on that shortly).
You sign up for an account with Clearscore for free and get meaningful insights into all things related to finance, from your credit score to available loans and credit cards based on your credit report. Think of it as your one-stop shop for financial tips and tricks.
Who Are the Main Credit Reporting Agencies?
There are three main credit reporting agencies in the UK: Experian, Equifax and TransUnion. They all provide you with a credit score, and lenders will use one of these three agencies to access your file when examining your application for car finance. There isn't really a discernible difference between the three, and the information held by the credit agencies mainly relates to how you have maintained your credit and service or utility accounts over the years.
How do I Improve My Credit Score on Clearscore
Whilst Clearscore doesn't calculate your score (Experian does that, remember), it does provide handy tips for how you can improve. Because it has access to your credit file, it can make tailored suggestions designed to help your credit score increase.
For instance, if you're not on the electoral roll, Clearscore can recommend that you join it by registering to vote. Likewise, if you owe a high proportion of the credit available to you, Cleascore will suggest that you clear off more of your balance. The suggestions made aren't unique to improving your score, but they are related solely to your score, rather than generalised tips.
What else does Clearscore do?
As well as making suggestions to improve your score, Clearscore will provide finance offers that it thinks you will qualify for. It takes your credit file and looks at the best deals available for someone with your score. This can save you time when looking for things like car finance because Clearscore only recommends finance options that align with your credit report. It aims to help users improve their financial well-being, providing a service designed to help you make smarter, more informed financial decisions.
Carmoola and Clearscore
ClearScore users searching for car finance now have direct access to Carmoola's exclusive rates and deals. Following a speedy approval process, consumers will receive a budget and finance decision in minutes, giving them more financial freedom to buy a car instantly with Carmoola's virtual card. So if you use Clearscore, you can expect to see Carmoola pop up under the "car finance" options.
In the Clear
Clearscore gives you access to your credit report, as well as tips and tricks for improving your score to qualify for the best finance deals. It's a handy option for anyone who wants to keep up to date with their credit score and make the necessary improvements, so they have the best chance of qualifying for favourable car finance deals. So do check out some of the ways to increase your credit score fast! 👍😀