More than half of Brits don’t know their credit score

One fifth of Brits are planning to apply for credit in 2021, but more than half have no idea what their current credit score is, new research has found.

According to credit score specialists Experian, 10 per cent of Brits never look at their credit score, and a quarter are unaware of the factors that contribute to their score.

Read more: Emotionally-charged investing can cost 3pc per year

15 per cent of respondents said that they don’t have time to monitor their financial health, while 21 per cent said that they didn’t have enough knowledge to check their credit scores, and 12 per cent admitted that they were “scared” of what they might find.

However, Experian found some evidence that attitudes towards financial health are changing.

Since the start of the pandemic, a third of adults said that they have become more aware of their finances, while one fifth said that they believe they have gained better control of their money since March.

“The current circumstances mean many have had no choice but to take more notice of their spending,” said James Jones, head of consumer affairs at Experian.

Read more: Lenders urged to be understanding as payment breaks come to an end

“We also know that consumers are more likely to take an active interest in their overall financial health if they feel like they can directly control it – whether that’s by making a concerted effort to build savings or by improving their credit score.”

Experian’s study found that 41 per cent of Brits would be more engaged with their financial health if they could prove they were reliable with money.

The credit specialist recently launched a new service called Experian Boost, which allows consumers to use their TV and music streaming subscriptions to contribute to their overall financial image.

This “ultimately could positively impact our chances of securing credit in the future,” added Jones.

Read more: Zopa releases credit card to ‘revolutionise the market’