Your Credit Score, Lloyds Bank’s free credit checking service, now has 10 million registered customers.
Available through the mobile banking app and online, the feature allows customers to view their credit report and access personalized, actionable tips to improve or maintain their score.
Because millions of people have taken steps to understand their credit score, over 600,000* customers are improving their score quarterly, ensuring better financial health.
Credit information provided by Transunion is updated every seven days. Not only does it provide an individual picture of their financial situation, but it can also give customers an indication of how likely they are to be approved for products such as a credit card or loan.
Additionally, customers can see how their score compares to the UK average as well as the average where they live.
The service also gives customers access to their full credit report and includes all recently updated information. This allows users to identify and take action when something may seem amiss, including possible fraudulent activity.
Sam Clark, customer affordability and data director at Lloyds Bank, said: “Creditworthiness shouldn’t feel like a dark art shrouded in mystery – it’s an important element of money management and keeping track of it should be as easy as it gets checking your creditworthiness.” account balance. That’s why we launched our free service, Your Credit Score, which has now been visited over 10 million times. The service is ready in our mobile app and is available to customers at any time. There they can see what has changed, why the score may have increased or decreased, and receive personalized tips to improve the score. Access to personal credit information is crucial to financial independence, and while it might be a little daunting if it’s not something you haven’t kept track of before, our service is here to help you through it to guide steps necessary to achieve long-term financial health.”
What is a credit score?
A credit score is a number based on a number of factors, including, but not limited to, account history, how credit is used, timely payment of bills, and voter registration of customers. The number is then used by lenders (e.g. banks), among others
Information when a person applies for credit, such as a credit card, personal loan or mortgage, to understand their financial situation and expected ability to repay.
How to improve credit score
There are simple steps people can take to improve their credit score. The higher the score, the more likely a person is to receive loan approval when needed.
Register to vote and make sure the information on the voter roll is up to date.
Make sure the information contained on a credit report is accurate and file a dispute if something doesn’t look quite right.
Avoid reaching or exceeding credit limits.
Don’t miss making regularly scheduled payments – set up regular direct debits so monthly payments are made automatically.
Customers concerned about their money should not hesitate to contact us. Lloyds Bank’s Money Worries hub offers help and advice, as well as an online tool for those who prefer to manage their things online, as well as information on how to speak to specially trained colleagues.