Application for credit and credit score

What you can do at this level

• Kdaily-life

  Aware of the existence and main characteristics of credit scoring system, if available in a country

• K

  Aware that a positive credit score can increase the likelihood of accessing credit and reduce the cost of credit

• Kdigital

  Aware of the methods used to create credit scores, or to determine access to and price of credit may use big data and data analytics and may change over time

• K

  Aware that providers may react differently to the information contained in a credit score

• K

  Aware that income such as bonuses, windfalls or gifts may not be taken into account when calculating disposable income for credit purposes

• K

  Aware that credit providers may seek information about a borrower’s ability to repay and that this may include accessing a credit score collected by a third party

• Kdigital

  Knows what factors are taken into account in a credit score (including the use of personal data)

• Kdaily-lifelarge-majority

  Knows how to access information on personal credit score and who to speak to in case of discrepancies

What you can do at this level

• Sdaily-lifelarge-majority

  Asks which information is being used to assess ability to repay credit

• Sdigitaldaily-lifelarge-majority

  Takes into account the ways in which certain actions and behaviours will impact on a credit score (including actions monitored through big data, where relevant)

• Sdaily-lifelarge-majority

  Takes steps to improve credit score if necessary