How can you check your credit score? Does doing so affect it? [Updated 2023]

                                          Credit: Experian.co.uk

Simply put, your credit score is a summary of your credit history.

It examines everything, including your address, whether you pay your bills on time, the number of loans you have had, and whether you have ever been the subject of a county court judgement (CCJ). Lenders, like banks, frequently use the score to determine how much you can borrow and be trusted to repay. When applying to rent an apartment, get a loan, get a credit card, or get a mortgage, you might be asked for your credit score or documentation in the form of a credit report.

How to view your credit rating

You can easily check your credit score. It is also free.

You'll use one of the UK's three credit reference agencies—Experian, TransUnion, or Equifax—to check. With Experian, the biggest of the three, you just need to register on the website, respond to a few questions about yourself, and you'll see your score in a matter of minutes.

Experian provides you with a score between 0 and 999 and a letter grade of "very poor," "poor," "fair," "good," or "excellent." Anything over 721 is going above and beyond what is considered "fair."

Checking your credit score affects it in any way?

Fortunately, neither checking your own credit score nor your own credit report has an effect on the score itself.

A "soft" search, credit check, or inquiry is what it is called when you basically give an overview of your history without asking to borrow any money. According to Experian, "Soft checks are not seen by lenders and have no effect on your credit score." No matter how many there are, only you can see them on your report.

Online mortgage or loan comparisons, also known as getting quotes, typically count as soft searches. A "hard" search, credit check, or inquiry is what happens when you apply for new credit, though. Your credit score may be affected by these kinds of checks.

According to Clearscore, "a hard search is when a lender looks at your credit report in its entirety" (and score). This kind of credit check leaves a trace on your credit report, allowing potential lenders to see when you applied for credit (and whether you were approved or not).

According to Experian, hard inquiries typically remain on your credit report for a full year. Always ask or check in advance if you are unsure whether something will affect your credit score or not.