A credit score provides an indication of how credit reference agencies believe lenders are likely to view you. As a rule, you can assume that the higher the score, the better it is.

When lenders determine whether to accept your application, they’ll assess the risk that you won’t pay them back based on the information they receive from credit reference agencies. This risk assessment will vary between different lenders – some lenders are more willing to take a higher risk than others. This assessment, alongside application information, fraud data and any past dealings you have had with the lender, are used to determine whether they will accept your application.

It is important to note that your credit score is only an indicator of your chances of being accepted, it does not necessarily tell the whole story. Even with a perfect credit score, you may still find that some lenders will decline an application.

The credit score provided on your TotallyMoney credit report is based on the information held by TransUnion. While it is great to see your credit score, it can be hard to understand, so we've tried to clear this up for you.