Most adults (56%) feel that getting a better grasp of their finances would help them live a more fulfilled life, and worry more about their money and financial situation (55%) than anything else.1
The research comes from a new study commissioned by Experian, who today announced that the nation’s most trusted credit score is available free for everyone, forever.
“Having good control of your money is a big factor for most people’s overall happiness, and a lot of people don’t realise that your credit score is like a temperature gauge for your financial wellbeing. By making the Experian Credit Score free, we want to help everyone take a quick and easy first step to realising their financial ambitions,” commented Experian’s Clive Lawson.
“We are giving people access to their Experian Credit Score and showing people what they can do with it – to get great credit deals and ultimately save money. The Experian Credit Score is available now as part of CreditMatcher, our new comparison service that gives people access to deals on credit cards and loans they’re more likely to be accepted for.”
Experian can now help people shop around to see how they can save money by comparing deals based on their financial profile. For example, looking at average borrowing on credit cards, many UK households could save upwards of £400 per year simply by switching to a 0% credit card.
The new research also reveals that 28% of people say they find it hard to understand how to manage their money.
“This launch is a vital step forward in helping people make their money go further, at all stages of life, whether that’s getting a better deal on a credit card to spread the cost of a big purchase, a personal loan to fund home improvements or a mortgage. I’m proud to say that we can help any adult in the UK, for free, take their first step to a stronger financial future, whatever that might look like.”
CreditMatcher gives you the confidence to take that first step to achieve your financial goals safely and easily:
- Check the deals available to you before you apply: CreditMatcher matches you to products that fit your personal financial situation, without actually registering the applications or searches on your credit record.
- Find out the likelihood of being accepted before you apply, quickly, easily and with confidence:
Showing eligibility ratings for loans and credit cards, based on personalised credit information, CreditMatcher tells you the likelihood of being accepted for these products. Products are shown with an Experian Eligibility Rating, giving people greater certainty when they apply for credit and helping to avoid unsuccessful applications.
- Understand your credit health:
Together, the Experian Credit Score and CreditMatcher help you understand how lenders are likely to assess your credit information and how your credit history may affect your chances of getting credit applications approved in the future.
Each time you apply for credit, a hard search is recorded on your credit report. Multiple applications can damage your score and are visible to potential lenders, who may view these as a negative factor when assessing applications. CreditMatcher leaves a soft search which lenders cannot see. So, searching and comparing credit products doesn’t affect your creditworthiness in any way.
About the Experian Credit Score
The Experian Credit Score is a guide to help people understand how lenders are likely to view their creditworthiness. Everyone should know their Experian Credit Score to help improve their financial lives, but a lot of people in the UK4 don’t know what it is or why it’s important. One of the main advantages of knowing your Experian Credit Score is that you will see what lenders are likely to think of your personal creditworthiness. People now have the opportunity to see what most lenders think about their creditworthiness, for free.
CreditMatcher and the free Experian Credit Score complement Experian’s full suite of products designed to help people to understand their credit health and take better control of their financial futures.
Source: Experian Press Release