Fewer than half of Brits know exactly what a credit score is, according to new research by TSB.

The lender found that 46% of those polled did not fully understand what a credit score is, while 41% did not know their own personal score. 

The survey revealed that 36% of Brits said they knew what a credit score is, but were unsure about details, while 18% did not know what it is at all.

Yet many people have been affected by a low rating as 24% of those polled report being refused credit because of a poor score.

There was limited comprehension of the difference between a “soft” credit check and one that leaves a “hard footprint” as 47% of respondents did not know understand the implications of each.

TSB’s research also revealed certain myths that continue to circulate about credit scoring.

It found that 38% of people incorrectly believe that getting married will impact credit score.

In fact, couples who have linked credit accounts will be impacted by each other’s spending and borrowing habits, regardless of whether they are married or not.

Meanwhile, 29% believed, incorrectly, that age, address, gender and  salary would impact their credit score.

A further 18% of respondents falsely believed that checking your credit score frequently can have a negative impact on your overall credit score. 

On average, Brits only become aware of their credit rating at age 33, which is just one year ahead of the average age of first-time buyers.

This leaves them with only a short window to build their score in order to secure a mortgage, or otherwise risk having to put plans on hold. 

TSB has partnered with Loqbox to enable customers to build their credit score through saving rather than taking on debt.

TSB director of everyday banking Pella Frost says “Your credit score impacts so many aspects of everyday life, yet many aren’t familiar with it. “Understanding more about it can help you become more money confident and it will improve your chances of gaining access to credit when you need it.”