29 June 2006

What A Final Score! This Is Not A Football Post!

First of all, I am happy to say that something does not exist. Not the Mongolian Death Worm, I still hold out hope for that. No, I can confirm that a universal credit score does not exist in the UK. That said, Equifax, one of the two massive credit checking companies in the UK (there is a third but it is minuscule), have their own internal score that they will pass to any company who ask them to do a credit check / scoring for them. It doesn't guarantee that the company will use it according to Equifax's rankings but it would be quite probable. Anyone can get their Equifax Score, just pay them £14.50. I don't imagine too many people rushing off to do that and that's where this post comes in...

This following information is basically a reconstituted version of the original version that Martin Lewis published on his excellent site Money Saving Expert .com. There is a company called Zopa who broker loans between normal people. You can join to either lend or borrow money. Of course, they need to know what credit risk you will be so when you register they give you of going to Equifax's website and calculating your credit score ... for free! You will have to answer about six questions which are all multiple choice such as "When did you open a credit card with Provider X? a) March 2005 to June 2005 ... e) None of the above". You will have to be 100% accurate or they will fail to recognise you. A score of over 400 puts you in the top half of the UK population and if you get in to the final group, above 475, that puts you together with only 30% of the population. To join Zopa you can register here and then after you've got your score you can see what it means from the explanation on Equifax's website.

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