Who gives you a credit score?

There are really two answers to this question. While your credit score is determined by the credit report agencies such as Equifax (formerly Veda Advantage) and Dun & Bradstreet, it is the credit providers that enter information about you that actually dictates what your score will be.

You can also affect your own credit score by moving address or making credit applications.

A credit score example

For example, let’s say you have secured credit to purchase a car. At some point you fall behind with your payments. Chances are the finance company you used to fund the car would record this event with the credit reporting agencies and this would affect your credit score. If you are unable to resolve this credit issue with the finance company, they may record a payment default on your credit file. Such listings can have disastrous affects on your credit score.

Just remember, while it is the credit reporting agencies that record the information and give you a credit score, it is the credit providers and your own activity that determine what your credit score will be.

If you find yourself with negative listings on your credit file, Clean Credit can help. A credit score can be improved through our credit repair service. We specialise in helping people remove negative credit items such as defaults and judgements from their credit files, restoring their credit rating and allowing them to secure credit once again.

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