All you need to know about your credit score and credit report

What is a credit score

It is a scale from 1 to 600 that rates your creditworthiness at a given time. The higher the score the better your creditworthiness

To calculate the credit score, Tiresias uses statistical models which take into account all the data available to it about your credit history at a specific point in time. That’s why the score changes when your data changes.

Borrowers use your credit score to estimate whether you can repay a new loan, such as a mortgage or personal loan, or whether you can handle an increase on your credit card limit. However, the credit score is only one of the factors banks check when approving a new loan.

Apart from lenders, other businesses or individuals may need to use your credit score, always with your consent, before entering into a transaction with you.

What is a credit report

A report detailing your credit status and your overall financial behaviour. It reflects how consistent you are in repaying your financial obligations. It includes information such as:

• Personal debts to banks and other credit institutions, e.g. loans, credit cards, overdraft limits, letters of guarantee.
• Third-party debts you have personally guaranteed.
• Any bankruptcies, bounced cheques or other payment defaults.
• Your consistency in repaying your financial obligations.

The banks draw useful information about your credit rating. They combine this with other factors to decide whether or not to approve a loan you have requested.

Apart from banks, other businesses or individuals may request your credit report, always with your consent, before deciding whether to work with you or not.

How to request your credit score and credit report

You have the right to request your credit score and credit report from Tiresias any time you want. You receive all your details by email or registered post, free of charge.

To receive this information (right of access) from the Public Service Office of Tiresias, you can apply online. You can choose whether you want to receive your credit score, credit report or both. Apart from your credit score, you also receive information on the main factors contributing to its calculation.

Follow the instructions issued by Tiresias to find out how to apply.