Why has my credit score gone down after setting up Loqbox Save?

  • Updated

It's quite common to notice a slight dip in your credit score when your Loqbox Save is initially reported on your credit report. This dip occurs because the credit reference agencies (Experian, Equifax and TransUnion) haven't yet gained sufficient information about your consistent monthly payments yet.

As you continue to make your monthly payments, we report them to the credit reference agencies, and this consistent reporting significantly helps to enhance your credit history (which in turn positively influences your overall credit score).

Remember, this initial dip is a temporary phase as your credit history gradually improves with responsible credit management, it’s a normal thing you may notice happening whenever you take out a new credit agreement.

If you have any further concerns or questions, please feel free to reach out. We're here to assist you on your credit journey.