About your credit score

We know that many people who apply for our loans have a poor or bad credit score and while we do look at your credit score, we don’t expect it to be perfect. We know that sometimes things happen. You might miss payments, which can lower your credit score.

At Moneyline we start off with a soft credit check when you apply for a loan. Other lenders can’t see this credit check and it has no impact on your credit score. It is only if your loan is approved that we change the soft credit check to a hard credit check which other lenders will be able to see.

We get our credit information from a credit reference agency called Equifax. You can find out more about our application process here FAQs

What is a Credit Reference Agency?

CRA’s or Credit Reference Agency’s collect information about the credit you have now and the credit you have had in the past. They also hold details about where you live, where you lived before and if you are on the electoral role.

Lenders use this information to see how you manage your credit payments. Each CRA calculates your credit score differently and so you may see you have a different score with each agency.

The three main credit companies in the UK are Equifax, Experian, and TransUnion.

Some lenders may only share your data with one CRA or they may share your data with all 3. Generally, it is only banks that share the information with Equifax, Experian and TransUnion.

Want to know your credit score? You can check it for free!

There are some free sites where you can check your credit score to see if you have a good or bad credit score and how you may be able to improve it. 

• Clearscore is a free to use app where you can check your credit score and it uses information from Equifax.
• Creditkarma is a free to use app were you can check your credit score and it uses information from TransUnion
• Experian has its own free checking option and you can login to access your score direct from Experian.