What is credit scoring and how do you use it?

Credit scoring is a method most lenders use to assess whether they will lend you the money.  We will score the information you provide on the application form together with other factors such as your employment history and how you manage other accounts with us.

We also use other information from the Credit Reference Agencies such as Experian, Equifax or Callcredit, who keep records on your borrowing and payment habits.  This includes details on how much credit you have outstanding as well as information on how many missed or late payments you may have made.

If you have a number of missed or late payments you may be considered as 'high risk' and we may refuse to offer you a loan, or we may still offer you a loan but at a higher rate of interest.

If you are concerned about your credit rating you can register online for a credit report with any of the Credit Reference Agencies.

For more information on credit scoring and how we use it to assess your loan application, please click on the link below.

Bank of Scotland - Credit Scoring