Money problem could be adding £13,000 to cost of your loans, experts explain how to fix it

Credit scores can be a confusing and daunting topic to take on as many people don’t fully understand what controls it and why it matters. To simplify things, TotallyMoney research put the topic into plain terms explaining how it directly impacts your pockets particularly when you need a loan.

This can include car loans, mortgages and credit cards. The experts explained that the biggest impact your credit score will have is usually on how much you have to repay on these products.

Someone with a poor credit score that takes out a £5,000 personal loan and pays it off over three years will end up paying £6,678 more than someone with an excellent score. Similarly, someone with a poor score getting a £1

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