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Debt Glossary - Credit Rating
Every adult in the UK has a credit rating or score. A persons credit rating is calculated according to a list of factors and is used by finance companies when a person applys for credit. The credit rating of an individual will vary every time a credit application is made and every time a creditor changes its lending criteria.
A persons credit rating is calculated using the following criteria :-
- Age
- Employment Status
- Home status (Tenant or Homeowner) and time at address
- Marital status
- Time with current bank
- Previous credit history
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