5 min read

Build your credit score and report with ClearScore

Hannah Salih
18 September 2017

Introducing ClearScore’s new Coaching plan, designed to help you build your credit report and score from scratch

We know it can be frustrating to be told you don’t have a credit report or score. But there are some simple steps you can take to build up your credit report and in turn, your score. We've put all of these into a personalised plan that will give you a step-by-step guide to getting your score off the ground.

Why don't I have a credit report or score?

Your credit report is a record of how you've borrowed money in the past. It's made up of your credit history from the past 6 years (approximately - this does vary sometimes). Your credit score is a rating given to your credit report, which indicates how your report might look to lenders. (So the better your credit report may look to a lender, the better your score is likely to be).

Anyone who has used credit, in theory, should have a credit report and score - regardless of whether you've seen it for yourself.

But if you’ve never used credit before, or haven’t used credit for a long time, you're unlikely to have a report, as there simply isn't any credit information on you. No credit history means no credit report which, in turn, means no credit score.

How can ClearScore help?

At ClearScore we get our credit report information directly from a credit reference agency called Equifax. This means that if you don’t have a credit report with Equifax, we won’t have anything to show you when you sign up.

So we've now created a new Coaching plan designed especially for users to start building up their credit history from scratch, in order to help create your first credit report (and calculate your first score).

Build your credit score up for free with ClearScore

How does the Coaching plan work?

Our Coaching plan uses chatbot technology to find out more about your financial situation. The answers you give are used to create a personalised to-do list. This list will take you through everything you need to do to get your credit report and score off the ground - from setting up a bank account to getting on the electoral roll.

Once you’ve started working on building up your credit history you can keep checking in for more tips to boost your score. One of the tips might recommend that you apply for a credit product to help build your credit history. We've got some personalised options in the 'Offers' section of your ClearScore account, which you can apply for, even without any credit history. These can help you get on the financial map and help build up your credit report and score.

Why do I need a credit score?
When you apply for credit (e.g. a new loan, credit card or even a mortgage), lenders use your credit report to verify who you are and help predict how likely you are to pay back any credit you're given in the future. However, if lenders can't check your report, they won't have any information to help make their decision and they're likely to assume that you're a risky person to lend to. This means you may struggle to get accepted for credit, or, if you are accepted, you may only be offered credit with very high rates of interest.

Even if you're not looking to use credit now, most of us are likely to need it at some point in the future. If you want to get a mortgage, or if your situation changes and you need a loan, then a credit score (and even better, a high one) can help make sure you get approved.

What happens after I've completed the coaching plan?

It usually takes around 3-6 months to build up enough information to get a credit report. In that time, we’ll keep checking for your credit report and will let you know as soon as you have one. Then, you can continue to build a great credit score for life.

by Hannah Salih

Hannah reads all the finance info on the web so you don't have to. She knows all there is to know about your finances but still spends all her money on brunch. 

ClearScore exists to make your finances simple.
We offer a free service where you can handle everything to do with credit in one place. In your ClearScore account, you can see your credit score and the full details of your credit report. Your credit cards, mortgages, mobile phone contracts, loans, overdrafts and utilities all on the record. Our goal is to make ClearScore as simple, calm and straightforward as possible. Money is stressful enough.