Your credit score try details about any loans you’ve got. It covers loans such as for instance mortgages, bank cards, overdrafts, hire purchase agreements and individual contract methods.
Their credit score include details like the level of the mortgage, the amount that is outstanding any missed payments. These records try placed in a credit history.
Credit file are for sale to loan providers (such as for instance banking institutions and credit unions) to consult when they’re considering applications for loans. The purpose of the operational system is always to assist loan providers to evaluate the power of borrowers to settle loans.