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How is a credit score calculated – a guide for contractors

Credit scores…we hear a lot about them, especially when buying a home, but what are they really and how are they calculated? 

When applying for a mortgage, whether you are a First Time Buyer or you’re moving home, regardless of your specific mortgage plans all lenders will look at your Credit Score. 

CMME explains credit scoring, how it’s calculated and how lenders use it when it comes to your mortgage in this handy guide

What’s in this Guide? 

  • What is a credit score? 
  • In this section we’ll explain what a credit score is, how credit agencies collate it 
  • How do you check your credit score? 
  • Navigating checking your credit score and knowing what to do when you have your score can be confusing, CMME makes it simple 
  • How is a credit score calculated? 
  • Want to know how your credit score is calculated? As well as how you can improve it? We’ll explain in this section.  
  • Get professional advice 
  • Advice from the experts is instrumental to any mortgage decision 

How Much Could You Borrow?  

Once you’ve checked your credit score, try our mortgage calculator to see how much you could borrow for your dream home. Simply enter your daily rate and find out how much you can potentially borrow today. 

Quick Tips for Improving Your Credit Score: 

  • Register on the electoral roll 
  • Check for any errors and have them removed 
  • Pay off existing debt 
  • Don’t do lots of credit checks 
  • Pay your bills on time, don’t miss payments 

Try an app like Credit Karma for keeping track and finding tips for improving your credit score. 

Credit agencies

Experian Limited

Customer Support Centre
PO Box 8000
Nottingham
NG80 7WF
0344 481 0800
www.experian.co.uk

Equifax Limited

Customer Service Centre
PO Box 10036
Leicester
LE3 4FS
0800 014 2955
www.equifax.co.uk

ClearScore

47 Durham St London
SE11 5JA
020 7582 8212
www.clearscore.com

Next steps

To get more information or to speak to our expert team contact us on 01489 555 080 or email us at enquiries@cmme.co.uk 

To download your own version of this guide with even more information and tips please enter your email below.








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    We respect your data

    We'll always treat your personal details with utmost care, and will never sell them to other companies.

    We'd like to send you updates about products and services, promotions, exclusive offers, news and events from CMME by email, SMS, phone and other electronic means. You can unsubscribe at any time by contacting us through email, telephone or post.