Your CreditWise credit score and credit report was previously provided by Equifax, and it'll now be provided by TransUnion. Re-registering makes sure we have up-to-date information for you, to match you correctly with your credit report.
Your credit score is a sign of your financial health. Generally speaking, the higher your credit score the more likely you are to be accepted for the best credit deals and interest rates. CreditWise shows you your TransUnion credit score. Each credit reference agency (CRA) has its own way of calculating a credit score, based on the information they hold and when they receive it.
If you've used CreditWise in the past, you may notice that your credit score looks a little different now. This is because your CreditWise score was previously provided by Equifax, but is now provided by TransUnion. Credit scores are not directly comparable across CRAs. Your CreditWise score is provided by TransUnion which has a maximum score of 710, but your score may be higher or lower with another CRA.
CreditWise is a free service from Capital One that shows your TransUnion credit score, report and rating all in one place. It also features information and tips to help you improve your financial health.
You may hear the words 'credit rating' and 'credit score' used to describe the same thing. Your CreditWise credit score is TransUnion's numerical interpretation of your creditworthiness and is calculated based on a complex combination of all the information TransUnion holds on your credit report over a 6-year period. Your CreditWise credit rating is TransUnion’s interpretation of how well you're doing. For example, 'good' or 'excellent'. Generally speaking, the higher your credit score, and the better your credit rating, the more likely you are to be accepted for the best credit deals and interest rates.
Any UK resident aged over 18 can use CreditWise. It's a 100% free way for you to check your credit score, report and rating. You don't even have to be a Capital One customer to sign up.
Your credit score and rating are based on your credit report, which is a detailed look at the last six years of your credit history. It includes detailed information from a range of different sources, including local authorities, courts, and credit providers.
A healthy credit score can make a big difference to your life. The better your credit score, the more likely you are to be accepted for different types of credit. Using CreditWise can help you understand and improve your credit score. You can see what's holding back your credit score and what's going well. You'll even get tips on how to improve your financial health. It also means you can spot any mistakes and get them sorted so they don't count against you.
You may have heard of 'hard' searches and 'soft' searches.
A 'hard' search such as a credit application search or a debt collection search will not impact your CreditWise credit score but can have an impact on your ability to obtain credit. Lenders won't know if your application was accepted or not. This is why too many applications over a short space of time can be a bad idea. Lenders may think you're trying to take on more credit than you can afford and will be less likely to lend to you. Where a debt collection search appears, lenders will see that you are being pursued for money owed.
A 'soft' search, for example a 'quotation search' does not impact your CreditWise credit score nor your ability to get credit. However, this may differ with other credit reference agencies (CRA)s.