Over a quarter have never checked their credit score

Over a quarter (26%) of people in the UK admit they’ve never checked their credit score, sparking concern from CredAbility, who warn that a lack of financial knowledge could be limiting people’s access to credit and leading to higher interest rates on fewer options. 

The survey also found that 49% don’t know their credit score, and 13% confess they don’t understand the point of having one. This knowledge gap could be costing households money and affecting their financial wellbeing. 

The generational divide is clear—Boomers (aged 65+) are more than twice as likely as Gen Z to have never checked their credit score. Meanwhile, Millennials are leading the way, with 68% aware of their score, compared to just 37% of Boomers. Boomers are also nearly four times more likely to not understand the importance of a credit score compared to younger generations. 

Lexi Burgess, Credit Score expert at CredAbility, said “Our research shows the UK is facing a financial knowledge gap. The TUC has already warned of a looming debt crisis, with households expected to owe an average of £17,200 in two years. But by understanding their credit scores, people can take control and make real improvements to their financial situation. 

“A good credit score gives lenders confidence that you can manage credit responsibly. It can open the door to lower interest rates on loans and credit cards; while giving you access to more financial products. What’s worrying is that so many people are unaware of how important this is to their everyday finances.” 

“There are simple steps people can take to improve their score. For example, using a credit card for small purchases and paying it off in full each month shows lenders you can manage debt responsibly. 

“Almost half of the UK (48%) don’t realise that not being on the electoral roll harms their credit score. It’s an easy fix—registering takes just minutes on the government’s website, and it’s a key step for lenders to verify your identity. 

“Another tip is to stick to the 30% rule—only spend up to 30% of your credit limit. If your limit is £500, aim to use no more than £150. This helps avoid overspending and can boost your score over time. 

“Consistency is key. Lenders look for a steady credit history, so making regular monthly payments on time can greatly improve your score. Give it at least six months of consistent payments for a positive impact. Monitoring your credit score is important too, and the CredAbility app makes this easy by alerting you to changes and recommending financial products that suit your needs.”