Nationwide launches new free credit score tool and says it will help customers

Nationwide launches new free credit score tool and says it will help customers Your credit report shows a record of whether you pay your bills on time or miss payments, along with a list of your bank accounts, loans, credit cards, and utility or phone bills Nationwide has launched a new free credit score service and says it will help customers make better financial decisions. The widget can be accessed through your online banking or in the Nationwide app. Your credit report shows a record of whether you pay your bills on time or miss payments, along with a list of your bank accounts, loans, credit cards, and utility or phone bills. It is used by lenders to assess your financial risk and to determine if you are a reliable borrower. However, no one in the UK has a universal credit score. Each credit reference agency uses a different scoring system to give you a general idea of how lenders could view you - but these lenders never actually see any score when you apply for credit. The three main credit reference agencies in the UK are Experian, Equifax and TransUnion. You should still be checking your credit report regularly, as it could help you spot fraud if unexplained accounts have been opened in your name. Recent research from the Financial Conduct Authority (FCA) 66% of people check their credit score or report to get an idea of their overall financial situation, while one in five (20%) used it to check eligibility for credit. But one in ten (9%) people don’t understand what their credit score means. David Gordon, Chief Product Owner at Nationwide, said: "We know that for some people credit scores are notoriously difficult to understand and we want to help with that. "Investing in our digital services and offering customers a way to bank that suits them is a key priority for us. Our new credit score service has been built to help our customers build financial confidence, improve their financial wellbeing and make more informed decisions about their money.” It comes after it was confirmed that cards which enable people to communicate their needs in Nationwide branches are being made available more widely to financial services providers. The “speak easy” cards were developed by Nationwide staff and people with lived experience of communication difficulties, to enable customers to communicate their needs in branch quickly and during face-to-face interactions and support independence and accessibility. The cards allow customers to point to information, pictures, questions or requests when speaking may be difficult, helping them get the support they need when accessing services such as savings, payments, reporting a lost or stolen card, or raising concerns about a suspected fraud or scam.