Credit Unions and Banks: what’s the difference?
Last reviewed May 2026 i QUICK ANSWER A credit union is a member-owned, not-for-profit cooperative. A bank is shareholder-owned and profit-driven. Both offer savings and loans, both are regulated by the Financial Conduct Authority (FCA), and both protect your money up to £120,000 under the Financial Services Compensation Scheme (FSCS). When it comes to borrowing…
Read MoreStrengthening the Credit Committee
Credit committees are built on something banks have never managed to replicate: a group of people who know their community. Who believe every application deserves a fair hearing. That’s a genuine strength. However focusing too much on assessing individual applications misses a much bigger strategic opportunity. Credit committees with aggregated data can consider the wider…
Read MoreWhat is a credit score and why does it matter?
Last reviewed April 2026 i QUICK ANSWER A credit score is a number, typically between 0 and 999, that lenders use to assess how reliably you manage borrowing and repayments. The higher your score, the more likely you are to be approved for credit and offered lower interest rates. Scores are calculated by the three…
Read MoreA default can stop you getting credit
Last reviewed April 2026 i QUICK ANSWER A default is registered on your credit file when you miss six consecutive payments on a credit agreement. It stays on your file for six years and makes it significantly harder to be approved for credit. You can still take steps to improve your profile while waiting for…
Read MoreHow lenders make credit decisions
Last reviewed April 2026 i QUICK ANSWER Lenders decide whether to offer you credit by assessing risk. They look at your credit score, repayment history, debt levels, income, affordability and address stability — drawing on data from credit reference agencies like Experian, Equifax and TransUnion. No single factor guarantees an approval or decline. When you…
Read MoreWhat is a missed payment?
Last reviewed April 2026 Quick answer A missed payment is when you don’t make a payment on the date agreed during a billing cycle — usually 30 days — to your lender. Lenders report missed payments to the three UK credit reference agencies (Experian, Equifax, TransUnion), where they can lower your credit score and affect…
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