If we have been unable to provide you with a Borrowing Power score, this could be because you don’t currently have enough credit history to create a full credit report. Even if we have provided you with your TransUnion credit report, because your Borrowing Power uses Experian data, it could be that Experian don’t hold enough information on you.
Credit history is important as lenders will be able to make a more informed decision on you if they have more information available to them. A good history can also help as it can give you the broadest range of borrowing options when dealing with big life events.
However, if you’ve never taken out a loan, credit card, phone contract or car finance before, you might not have sufficient credit history. This isn’t anything to worry about, you can build up your history by taking out affordable forms of credit and show potential lenders that you can manage them responsibly. Some of your options include:
- Take out a new contract with a mobile phone provider;
- Open a current account;
- Take out a credit card designed to help build your credit rating;
- Register on the electoral roll
Another reason your report may not have been found is because Experian were unable to match the data you entered with the information they currently hold on you.
Please make sure you have entered all your details correctly so they can match you.