Credit Score Glossary
Clear, plain-English definitions for the terms used in credit reporting and scoring.
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Credit Reference Agency (CRA)
An independent company that collects and holds data about your financial behaviour. The three main CRAs in the UK are Experian, Equifax, and TransUnion. Lenders use their data to make borrowing decisions.
Credit Report (Credit File)
A detailed historical record of your borrowing and repayment behaviour over the last six years. It includes open and closed accounts, missed payments, credit limits, and public records like the electoral roll.
Credit Score
A numerical representation of your creditworthiness based on the data in your credit report. Each credit reference agency calculates this differently, meaning you have a different score with Experian, Equifax, and TransUnion.
Default
A formal marker placed on your credit report by a lender when you have broken the terms of a credit agreement, usually by missing three to six months of payments. A default severely damages your credit score and lasts for six years.
Electoral Roll
The official register of people eligible to vote in the UK. Being registered at your current address is crucial for your credit score, as lenders use it to verify your identity and combat fraud.
Financial Association
A link created on your credit report when you take out a joint financial product (like a joint bank account or mortgage) with someone else. Their credit behaviour can affect your ability to get credit. You can request a 'notice of disassociation' if the relationship ends.
Hard Search (Hard Inquiry)
A full check of your credit report by a lender when you formally apply for credit. Hard searches leave a visible footprint on your file for 12 months. Multiple hard searches in a short period will lower your credit score.
Notice of Correction
A short statement of up to 200 words that you can add to your credit report to explain a specific entry, such as a period of illness that caused missed payments. Lenders must read this notice manually before making a decision.
Soft Search (Soft Inquiry)
A preliminary check of your credit report that does not leave a visible footprint to other lenders and does not affect your credit score. Used for identity checks or when you use an eligibility checker to see if you will be approved for a product.
Statutory Credit Report
A basic copy of your credit file that credit reference agencies are legally required to provide to you for free under UK data protection laws. It contains your full history but does not include your numerical credit score.
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