How do credit checks/histories work in the UK?
UK Credit Reports / Histories: I’ve seen loads of posts referring to the USA system of credit scores, credit histories, etc. but never seen anyone refer to an equivalent UK system. Presumably we have one, but how does it work? So far in my life I’ve been lucky, and never taken a bank loan or had a credit card. This is great, but means I have no clue how the system works and I’m about to leave student life for the real world.
In my bank the other day, the manager tried to persuade me to sign up for a credit card (which I later found she gets commission for) and mentioned that it’s useful to «build up credit». I assume she’s talking about building up my credit rating so I can get loans more easily in the future, which I thought was just a US thing. Most importantly, I’m reluctant to take advice from someone who’s getting paid to sell a credit card to me. I’d much rather ask… um… a bunch of strangers on the internet. Hmmm.
So:
Do I, having lived my whole life in the UK and never used credit, have a credit «score» like I’ve read about for the USA? If so, how do I find out what it is?
Is having a credit card and not using it (I’m terrified of spending money I don’t have) really better for me than not having a credit card AND not having and debts?
Why, when performing credit checks, do companies always check my current and past addresses? I’ve been told that putting a student hall as my address will automatically get my phone contract refused so I put my parents’ address and got through. Given that I haven’t lived anywhere for longer than a year for nearly seven years now, why is my address more important than my name and bank account?
Original text: How do credit checks/histories work in the UK?
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