Summary
Do you know what your credit score says about you? If you’ve had a breakup, make up, break down, spending spree or life shock in the last six years, your credit rating will have it recorded.
The majority of us don’t know what our credit score is and how these numbers are created. A good credit rating helps us access loans, mortgages or credit cards.
But could there be a better way of helping people access credit and see what they can really afford to borrow?
Our panel of experts will help you find out what your score says about you, how to get a better one and why workouts are required before you hit the bank not just the beach.
Contact the Money Box team to tell your stories and ask questions. The number to call is 03 700 100 444, geographic charges apply. The lines open at 1pm on Wednesday (9/10/19). Email moneybox@bbc.co.uk or tweet @moneybox
Transcript
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| 0:00.0 | You're about to listen to a BBC podcast, but this is about something else you might enjoy. |
| 0:05.4 | My name's Katie Lecky and I'm an assistant commissioner for on demand music on BBC Sounds. |
| 0:10.8 | The BBC has an incredible musical heritage and culture and as a music lover, I love being part of that. |
| 0:17.5 | With music on sounds, we offer collections and mixes for everything, from workouts to |
| 0:22.4 | helping you nod off, boogie in your kitchen, or even just a moment of calm. And they're all put |
| 0:28.3 | together by people who know their stuff. So if you want some expertly curated music in your life, |
| 0:35.0 | check out BBC Sounds. |
| 0:41.3 | BBC Sounds, music, radio, podcasts. Hello, homes, loans, phone contracts and store cards. Those are just a few of the areas where your credit history plays a key role in deciding not only whether you'll get one, but also how much you'll pay. Your financial history |
| 0:55.5 | or lack of one can have a major effect on what you can or can't do, as this moneybox listener |
| 1:01.1 | knows. When I try and check my credit score, it says that the verification has been failed |
| 1:06.8 | and it then won't let me go any further. I can't take out certain loans or I can't do |
| 1:12.7 | anything because it just says that I'm not who I say I am. If you need to boost, correct or |
| 1:18.3 | repair your credit history, then the number you need is 0-3-700-100-444 or email Moneybox |
| 1:25.4 | at BBC.co.com. With me to answer your questions are Sarah Pennells, founder of |
| 1:30.7 | savvywoman.co.com.com. Sarah, what is a credit score? A credit score is basically a number |
| 1:37.4 | that's attached to you that will give lenders an idea of how good or bad a risk you are. That's a |
| 1:43.2 | simple answer. The slightly more complicated answer |
| 1:45.2 | is that in the UK, we don't have one number. In the US, you do. But different credit reference |
| 1:50.4 | agencies and indeed different lenders may come up with a different way of scoring you. |
| 1:55.1 | And sometimes scores and credit reports are spoken about as though they're the same thing, |
| 1:59.4 | but they're not. So what's the difference? Yeah, often credit score, credit rating, credit reports are spoken about as though they're the same thing but they're not. So what's the difference? |
| 2:01.6 | Yeah. Often credit score, credit rating, credit reports are used interchangeably. So the score or |
... |
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