How do banks like Natwest check your credit rating?
If I wanted to open up a student account what do they do to check if your credit is good or bad?
there are 3 credit reference agencies: experian, equifax and call credit (in order of size and usage).
all providers of credit ranging from banks to mobile phone companies and car insurers (if you are paying monthly) will report on your account management behaviour.
the banks/credit provider will pay for access to that data which is shared between all subscribing lenders but they dont all use all the agencies.
you can check your data online and many of the agencies will let you do this for up to 30 days for free, after that there is a charge of either £2 per agency by post or whatever they charge online ranging from £6.99 to £14.99.
dont waste your money on finding out your score as all lenders use their own scorecard - its a waste of your cash. there are other similar posts on this very topic which i have answered before so feel free to browse! | 01.26.11 @ 23:32