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8th of November 2019

Free credit score providers – who to choose?

Things are tight financially for many people these days, and as a result, there are many free credit score providers out there offering great deals on credit reports and scores, with varying degrees of accuracy.

Things are tight financially for many people these days, and as a result, there are many free credit score providers out there offering great deals on credit reports and scores, with varying degrees of accuracy. With the knowledge gained from a credit score, you'll be able to go forward and build your credit with more confidence and gain a far better understanding of what loans you might be eligible for in the future. That's why, in this blog post, we’ll be looking at the credit score providers out there who offer free opportunities to consumers which allow them to find out their credit score.

What exactly is a credit score and why do I need to check mine?

Most people have a vague idea of what a credit score involves and the fact it’s important, but when it comes down to the details, they’re not 100% sure on how the score is calculated. Your score has a direct correlation with the responsibility with which you choose to use credit options that are available to you as an ordinary consumer, such as credit cards and loans. There are also other things that can affect your credit score that you might not expect, such as not registering to vote. It’s important to check your credit score because doing so could expose any discrepancies that might be affecting your capability to apply for certain loans, and in some cases might even expose instances of fraudulent applications. It's also important to realise that how a credit score is recognised varies between providers, so whilst one company might see you as a good potential customer, another might turn you down for a similar loan based on your credit score. For further information on the definition of a good credit score, click here.

What exactly is a free credit score provider?

When it comes to working out what a free credit score provider does, the name is fairly self-explanatory, but it’s good to know exactly what to expect. A credit score checker is a good way to work out whether or not you’ll be approved for any of the many loans out there that require you to have a good credit score. Those looking to apply for a new loan or financial arrangement are entitled to go through a credit reference agency to establish whether or not they’re likely to be approved prior to making their application. The ‘legal’ entitlement here involves the receipt of a credit report, which takes into account credit history but will not usually include a score. However, many of these reference agencies will offer the possibility to receive a credit score - whether or not they charge for the service (and, if they do, the scale of this cost) can vary significantly though. In the post below we've listed some great tried-and-tested options that will allow you to check your credit score for free – without paying through the nose for a subscription that isn’t necessary.

So where can I get my free credit score?

There are a few different ways to find out your credit score UK residents can choose from. The websites offering credit score check free trials include a couple of names that might sound familiar, and that customers might have assumed would have charged for the service due to how established they already are in the industry.

Experian

When it comes to finding out your credit score, Experian might be a name that immediately comes to mind. They’ve been around for a while now, and have gained a reputation as a trusty credit reference agency that gives their customers accurate information. Something consumers might not know is that, although Experian is the largest provider of credit scores in the UK, they also offer a no-strings-attached 30 day free trial for their services, therefore allowing those just trying it out to get a credit score check with no charge! Essentially, this is a package that includes multiple services, such as daily scores and reports, and alerts sent via email or straight to your phone via text when any changes occur that are important for the consumer to know about. They also have round the clock support available for customers, whether that’s relating directly to their account or to instances of fraud. Beyond the end of the trial, continuing to use Experian as a source of further information and credit reports/scores will cost £14.99 a month, which isn’t too bad considering the valuable service being offered and the opportunity to avoid worsening your credit score through unsuccessful loan applications. Experian also offers a service called ‘credit matcher’. This alternative service allows customers to compare different deals from credit providers, taking into account their current financial standing and how this might affect their choice. Consumers can continue to access the free Experian report and score through a third party such as moneyexpert.

Transunion

Formerly called ‘Callcredit’, Transunion is an established credit reference agency that provides customers with a credit score via a platform called Noddle. This is a service that not only allows users to gain a better insight into their financial standing, but also displays tailored advertising for cards and loans that are particularly suited to each consumer based on their credit history.

A free trial, allowing access to the information you’d usually have to pay for with Transunion through the site, can be found here. This site offers a multi-agency view of available credit information across different agencies. Similar to Experian, using this service also includes assistance for customers through a helpful support team for any issues relating to their credit, or in the unfortunate instance that they’re a victim of fraud. Just like Experian, the cost for customers after the free trial ends is £14.99 a month, so it’s worth considering whether or not this information will be useful after this point, depending on the frequency with which your financial situation changes.

Equifax

Equifax is another highly reputable service offering free credit monitoring as part of a 30-day free trial. They’re a company that has continued to gain the trust of more and more customers over the years due to the accuracy of the numbers their assessment generates. After the end of this free trial, the cost for consumers will be £7.95 a month. Equifax’s services include a full credit monitoring process that works to incorporate all possible factors into a credit report and generate a score that truthfully reflects the customer’s financial situation.

There is often a lot of confusing slang and jargon when it comes to credit, and something Equifax pride themselves on is removing these confusing terms to give a straightforward report that will allow consumers to improve their score in an effective and structured way. The application is also incredibly straightforward, and allows for those wanting a comprehensive analysis of their finances to add all the possible information that might be needed, including six email addresses, up to 12 cards (credit or debit), six accounts across different banks, national insurance number, driving licence and even up to six telephone numbers. There are no corners cut here – this is a service that will help build a complete picture and create a very accurate credit score as a result.

Clearscore

Clearscore is the service through which customers can access this information from Equifax after the end of the trial. Unlike the other third parties that help you to continue accessing your free credit reports and score after the try-before-you-buy period ends, Clearscore allows customers to view this information for free with no time constraints. The costs for customers are cut out due to arranged commission from the providers, offering excellent deals directly through the service, meaning there’s no hassle involving payment and remembering to cancel after the end of a free trial – just a straightforward free credit score service that’s fairer for the customer.

Clearscore is fast becoming one of the UK’s leading financial technology brands, and for good reason. The belief behind this brand is that the people who most need to work on their credit score shouldn’t then be charged more money for this information, which makes a lot of sense. Through deep information analytics and state of the art technology, Clearscore has created a platform that is incredibly easy to understand and use. This platform is also available through both iOS and Android phones, allowing customers to assess their finances wherever they are, and gain a constantly up-to-date understanding of their credit score. When it comes to looking for routes to build your credit score, apps can often promise results but simply don’t deliver, and that can be disappointing for those who place all of their hopes on a service that they sometimes pay out of pocket for. That isn’t the case with Clearscore though, who have put endless research and time into creating a free app that actually works.

For more information on Clearscore, check out their website.

So you’ve got your free credit score – why is this useful?

When it comes to credit scores, knowledge is indeed power. As we’ve already mentioned, it can be a risky move to choose a new no-interest loan when you’re unsure of the state of your current credit score, so working out where you stand can be incredibly useful. Here at Creditspring, we offer membership loans that are designed to help consumers build their own financial stability and feel more independent as a result. Using any of these free credit score checkers in conjunction with a credit-builder technique will mean you’ll be in possession of an excellent credit score in no time at all. There are lots of different ways in which consumers can build their credit score – for more details, check out our guide. At Creditspring, we’ve designed our system and our membership options in a way that will help to improve the credit score of our customers whenever they choose one of our no-interest loans. Whether you’re someone who’s looking for credit repair options to help work on damage caused by a loan taken out that has caused issues later down the line, or someone that’s yet to build up a good credit score due to the fact that you’re newly out of full-time education or haven't ever paid for things via direct debit or credit, there’s sure to be an option that works for you. A no-interest loan is a great way to build credit that won’t tempt customers into an endless spiral of debt and end up causing long-term stress as a result. This method of borrowing has worked for so many people who want to choose a low-risk way to stretch their budget that month, or have an expense that they might not have been able to predict. Our memberships are very reasonable, especially when compared to the increasingly extortionate interest rates offered by most loan companies out there. To work out whether a Creditspring membership could be right for you, check out our website now and don’t be afraid to get in touch directly with any questions you might have!