Experian makes major change with millions of users set to benefit

Experian makes major change with millions of users set to benefit

A major borrowing weapon has axed its £14.99 a month fee so you can check your credit score and file for FREE. Millions can now view their full Experian credit report via the company’s app at no cost

Debt expert Sara Williams said: “Experian’s free app is now an easy way to check your score and get a detailed report. Before this update, there was no free way to access your Experian report, so this is very useful.”

“A credit score is a personalised number that lenders use to assess how reliable you are when it comes to borrowing money,” explains TV’s consumer finance expert and founder of Nous, Greg Marsh. “A higher score means you’re more likely to get approved for a loan, and offered better rates.”

Your credit score is a reflection of your financial history, including factors like whether you have paid your bills or loans on time, how much of your credit limit you’re using and the age of your bank accounts.

“Avoid going over your credit limit or using too much credit, as this will incur additional fees and charges and potentially damage your credit score,” advises Tesco Bank’s Help Me Borrow director, Mamta Shanbhag.

Opening too many credit cards in a short span of time or maxing out existing ones can negatively impact your rating.

“Making multiple credit applications at once – such as several credit cards in a week – can negatively affect your score, as it signals to lenders that you may be in financial difficulty,” cautions Craig Tebbutt, chief strategy and innovation officer at Equifax UK.

“It’s crucial to pay your bills and loan repayments on time to show lenders you’ve been reliable in the past,” suggests Marsh, adding “setting up Direct Debits is useful as you don’t need to remember to make a payment.”

“Being on the electoral register and having a positive track record with different types of credit can also boost your score,” says Tebbutt. “The best way to improve your score is to always pay your bills on time, keep credit card balances low, and avoid applying for too much new credit in a short period of time.”