What is a credit reference agency?

If you want to borrow money, companies need to know if you’ll pay it back. That’s where Credit Reference Agencies (CRAs) come in!

In the UK, the main CRAs are Experian, Equifax, and TransUnion.

What do CRAs do?

CRAs collect information like:

• Do you pay your bills on time?
• Have you missed payments before?
• Are you on the voter list?
• How often do you ask to borrow money?

CRAs don’t decide if you can borrow - they just share this info with companies.

Why does this matter?

Your credit report and score are important because:

• They help companies decide if you can borrow money
• They affect how much you can borrow
• A good score can save you money (lower interest rates!)

We use this info to make sure loans are right for you. Check your credit report regularly to make sure it’s accurate and see what companies know about you!

Want to learn more about credit scores and why they're important, watch our short video below.