Is it possible that using CRS may hurt my credit score?
The CRS credit builder is set up to work over the course of 12 months. If you complete all 12 steps, your credit score should improve.
If you stop using CRS too soon, you won't get the full effect. Especially if you leave inside the first few months. Most CRS users will observe a drop in their credit score at first, until it improves. It's known as the 'Credit Tick,' and it's quite normal. However, if you leave CRS in the middle of the Credit Tick, you may end up with a poorer credit score than when you started.
If you don't make a CRS payment, we'll have to report it to the credit reporting agencies, which will hurt your credit score.
How much money could I save if my credit score improved?
Increasing your credit score can save you thousands of dollars in interest on things like credit cards, loans, and mortgages. To give you a sense of how much different increases could save you on average, look below.
Person 1 Person 2
Credit Score: 572 Credit Score: 955
Interest Rate: 26.82% Interest Rate: 6.21%
Total Payments Total Payments
Made: £34,060 Made: £23,111
Person 2 saves £10,000 or more on the same care.
Isn’t there a quicker way to a better credit score?
Afraid not. Things like setting up payments with your bank take time, and the credit reference agencies don’t report until 30 days after they hear from us, which is why it takes a few months to see changes.
The sooner you start, the sooner we can begin reporting your payments. And, with debit card payments now available, there’s never been a faster way to get up and running.
How much will CRS help me improve my credit score?
We can't offer you an exact amount because there are too many affecting factors outside of CRS.
We've been doing this long enough to be confident in your ability to improve your credit score.
Also, keep in mind that lenders don't make judgments based on your credit score; instead, they look at your credit history. You should be more creditworthy in their perspective if you make your CRS payments on time each month.
Which credit reference agencies (CRAs) does CRS report to?
Experian, Equifax, and TransUnion (previously Callcredit) are the three major credit reporting agencies to which we provide our information.
When can I expect my credit score to improve?
After around four payments, most CRS clients see a significant improvement in their credit report, with consistent increase as they make all 12 monthly payments. It will take some time, but the savings on credit cards, loans, and mortgages will be well worth it.
Keep in mind that your credit history will be influenced by variables other than CRS. To help you manage this, read our CRS Learn emails on a regular basis.
Does it make a difference how much I pay each month?
Does the amount I pay each month make a difference? Yes, but the most important thing is that you don't spend more money than you can afford.
Your credit history will be affected by how much you chose to pay each month. Future lenders will evaluate your creditworthiness based on how successfully you've managed credit in the past, and demonstrating that you can manage £20 a month is considerably different from demonstrating that you can manage £200 a month.
But keep in mind that any amount you pay will make a difference. The most important thing is not to overextend yourself, as missing a payment will negatively impact your credit history. Make sure to set a monthly budget that you can stick to — even if things go wrong.
What should I do if my credit report has inaccuracies?
Please inform us via the contact us form in My CRS if you believe anything about your CRS is incorrect.