If you’re in the process of looking to buy a new property and arranging a mortgage, then understanding your credit score is crucial. It will help you to better identify where you stand financially and what to expect from any lenders you approach. Luckily, there are a number of free credit score tools out there to help you do exactly this. And here are our favourite 3.
But first … some words of advice
We highly recommend signing up to and using all 3 of the tools mentioned below. Why? Because they each source their data from different credit reference agencies, meaning your score might vary depending on which one you use. This is important because you can never guarantee which credit agency your lenders will use.
They might use one, they might use more. But by gathering as much information as you can beforehand, it helps prepare you for what the lender might say. Even if you have a perfect score on 2 out of 3, but then have a rejection on another, the lender will likely deny you. So be sure to keep your information updated on all 3 accounts in order to properly track your scores over time.
Our 3 favourite free credit score tools
ClearScore is a personal favourite here at Clear Mortgage Solutions. Yes, they are just as easy to sign up to as many other tools, however, it is their follow-up reporting and insight that really impresses me. Their monthly email is a great way to stay up to date with evolving financial trends.
And their mobile interface is very easy to use. Meaning you can log in when on-the-go and get just as much insight directly from your mobile phone as you would at home on your laptop. I highly recommend signing up to their newsletter, as it provides tips and insights on ways you can best analyse your score and possibly improve upon it.
CreditWise is another great credit score tool that we highly recommend using. They offer a whole host of useful features that help it stand out. Such as their Simulator tool which allows you to input selected financial choices, in order to see how these might affect your credit score. Such as reducing an outstanding loan by “x” amount or increasing a credit limit on one card by “y”.
You also have the choice to sign up to their mailing list and receive important alerts. Such as when a recent enquiry has been made about your account or if someone is trying to commit fraud using your details. It’s worth noting that CreditWise is owned and operated by the major financial institution, Capital One.
Finally, we recommend signing up to Noddle as a great way to fully monitor your score. The company was launched back in 2011 and is now used by tens of thousands of UK individuals to help measure their credit score. Their free-for-life service lets you track your score as often as you like. Their dashboard is very easy to use and represents all data nicely.
They do offer more advanced features, such as finding new ways to improve your score. These aren’t free but are instead a part of their Noddle Improve plan. They are a part of the much larger CallCredit information group. This is one of the UK’s 3 major credit reference agencies.
Getting started with these awesome free credit score tools
Signing up to all of these free tools is very straightforward. Simply head to their home page, links are given above, and click either “Sign In” or “Sign Up Now”. Each site will require you to give them some more detailed information. This includes things like your name, contact information and where you live.
They use this information to verify your identity and look at any credit information relating to you personally. This information comes from registered and trusted credit bureaus and is the same information available to lenders looking to see how trusted you are with a loan. Simply checking your score will not harm your credit score and none of the companies mentioned above are legally allowed to share any information you provide them with anyone else.
Stay tuned to our blog for more upcoming posts on how to better understand your credit score. We will also be looking at potential ways to improve your score and increase your likely success with any future mortgage applications. If you are in the process of looking for a mortgage now, then I recommend checking out our independent mortgage services here.