Nouse.co.uk My Credit is Bad

Unless you have been residing on a desert island with no contact to the rest of the world, you will have a credit report. Data regarding utility bill payments, credit cards and mortgage payments, your registered address and even financial associates are placed on your credit report in an attempt to gather together a sufficient amount of information to be able to create a good judgement as to how dangerous a potential customer you are when you go shopping for your next mortgage, loan or phone.

A credit score is generated using a mathematical formula and then comparing of the consumer s spending and credit history with the habits and credit histories of other consumers. The resulting figures are then converted into a rating that is used by probable lenders. Lenders use this rate to assess how much of a risk it is to lend money to someone.

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