When you submit an application for credit, the financial institution will check always your credit file with several regarding the credit guide agencies. But so how exactly does this impact you?
The 3 primary credit reference agencies within the UK – Experian, Equifax and TransUnion – each hold different individual and monetary factual statements about you which forms your credit score. They normally use this given information to produce your credit score – and all sorts of of this is taken into account when you make an application for credit.
But that’s where it gets confusing – there is absolutely no such thing as an universal rating.