At Kroo, we want to make finances fit your life, not the other way around. This is why we’ve made it simple to access the information that influences your financial wellness. Now you can enjoy seamless access to your TransUnion credit score, all from the Kroo app.
Checking your TransUnion Credit score through the Kroo app won’t impact your credit file directly. This new feature allows you to know where you stand before making certain financial decisions. You’ll now be able to learn more about the TransUnion rating scale, see the range your score falls into and see how your score has changed since you last checked.
Look for the new credit score button at the top of your Kroo app!
Why knowing your credit rating is important
Your credit score is just one piece of your overall financial footprint, but there are benefits to staying informed and working to improve your score. Some real-life benefits of improving your credit score could include:
- Access to a wider variety of financial services, such as credit cards, loans and mortgages
- Better interest rates and higher credit limits on credit you do choose to access
So what’s the rating scale?
The Kroo credit score checker is powered by TransUnion and they rate credit into four categories: Poor, Fair, Good and Excellent
- Poor means you may have access to some credit products, but they may have higher interest rates
- Fair means you may have access to more credit products but they may still have higher interest rates
- Good means you’ll likely have access to many credit products at a range of interest rates
- Excellent means you’re likely to have access to the most credit product and some of the lowest interest rates
What kinds of things impact my credit score?
There are a number of factors that can help or hurt your credit score. Some of these factors include:
- Payment history: Missing or having late payments can negatively impact your score, while timely and consistent payments can improve it
- People you are financially linked to: Being financially linked to someone can affect your credit rating. Sharing financial products like joint loans, mortgages and bank accounts means you’re responsible for covering the debts if they’re unable to.
- Age of credit: The older your accounts, typically the more positive an impact they have on your credit score
There are additional factors that credit reporting agencies take into account, for the complete list of factors, please visit TransUnion here https://www.transunion.co.uk/consumer/credit-education