Millions can get free access to their credit score
Barclaycard customers will be able to look at their Experian credit score online, through the Barclaycard mobile app, which will be a thing early next year. You'll also be able to get hints and tips at how to fix your credit score, and the access will be unrestricted.
Tesco Bank, meanwhile, are teaming up with Noddle, who are part of Callcredit, as they look to give customers access to their score. Existing customers can check it from today, while new customers will have to wait until December 11th.
Things like missing bill payments, being in your overdraft frequently, and applying for a lot of credit at the same time are among the things that can harm your credit score.
The ability to check your score means you can decide whether or not to apply for something, as it'll give you an indication of how likely or not you are to be successful with an application. With two banking services jumping in on this, it looks likely that the other financial institutions will join in too.
Justin Basini, co-founder and CEO of ClearScore, said: “The fact that some lenders are giving customer access to their credit scores for free is a step in the right direction, but today’s announcements will only affect a relatively small group. Credit reports and scores are like a person’s financial CV and impact their lives in a myriad of ways. They help determine whether somebody gets the best deals on financial products, whether they can buy or rent property, and can affect their ability to get a mobile phone contract or even a job."
"It’s encouraging that others are following our lead to give people access to their credit information."