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When you apply for any kind of credit, the provider looks at information from various sources to give you a credit score. It’s there to help them decide how you’re likely to use the credit you’re given, what kind of customer you’ll be and whether or not you’re a good risk.
Each provider uses a different system, but the basic sources of information are usually:
Any payday loans, changes to power or energy suppliers, fraudulent activity in your name (even if it was committed by someone else) and bill payments are also on your record.
Lenders use the information they receive to award points to your application. Each one does so according to their own formula. The number of points they award you is your credit score.
Part of it is about risk. Lenders want to know if you’re a good or bad credit risk – in other words, whether you’re likely to be able to pay them back. But they also want to know what kind of customer you’re likely to be. So they look at how you manage credit cards, for example. Or they think about whether you might be interested in their other products and services.
No. Every lender works out your score according to their own system – and they don’t usually share how they do so with customers or other agencies. In fact, their calculations might vary according to the product you’re looking for. However, you can request your credit history from credit reference agencies like CallCredit, Equifax or Experian. Most credit reference agencies offer a free trial period (some also offer free for life credit reports, such as Equifax (Clearscore) and Callcredit (Noddle)), so you may be able to get your information at no cost.
Yes. Credit reference agencies will include information about past activity to help lenders assess how you’re likely to behave. There are a few things you can do to improve your credit score:
Your credit history doesn’t mention:
Remember: if you’re asked about any of these things on your application form, you must answer honestly to avoid fraud. The lender will be able to check your answers.
This article is intended as general advice only which is not intended to cover specific circumstances and needs. The information in this article is also not linked to any of the products offered by Clydesdale Bank PLC.
During these difficult times, we're receiving a higher number of calls than usual.
Our priority is to protect our services for those customers that need us most, so we ask that if your call or store visit is not urgent, you leave the way clear for us to help them first.
To give you more protection against fraud we have changed the way you verify payments online and via mobile banking.
Business & Personal Customer Accounts
We need to ensure it’s really you making the payment before the money leaves your account. How you do this depends on whether you’re using:
Will this happen every time I make a payment?
No, it’s not for every payment. Once saved the payment will become ‘Trusted’. That means you may not need to do the identity check again, unless you change details like the sort code, account number, name or reference.
What’s changed for your Business?
To make payments of more than £500, or totalling more than £1000 per day, you will now need to use the Mobile Banking App to verify your payments. Business customers using a One-Time Passcode will no longer be able to make payments greater than £500. Talk to us to learn more about the benefits of using the Mobile Banking App. Further info on your daily limits can be found here.
You may see a difference to when you’re asked to authenticate a payment via Business Internet Banking and the Mobile App, how you do this will remain the same by using:
For more information visit our online help.
Forgot your business internet banking password, we can help.
Just give us a call on 0800 121 4209
Monday – Friday 8am - 6pm and select Option 2.