FAQ

Pave memberships help build your credit score using various tools. Neither of our memberships require a hard credit check, and may be useful if you are new to credit or looking to build your credit health.

Please note that Pave cannot guarantee to build your credit score with our memberships. You can find more information on when Pave might not be the best fit for you here.

Pave is authorised and regulated by the Financial Conduct Authority under firm registration number 828125/826665. This means we have been approved to access and display your banking information. You can find us on the FCA register.

We use the same end-to-end 256-bit TLS encryption method used by all major banks. We also never store any of your sensitive details on our servers.

A credit score is made up of five factors according to Experian: payment history, credit utilisation, credit history length, credit mix and how new your credit is. Each factor has a different weight in deciding your credit score.

Below you will see a list of factors according to Experian.

• Payment history
• Credit utilisation
• Credit history length
• Credit mix
• How new your credit is

We show your TransUnion credit score, and your Equifax credit score.

We're working with TransUnion and Equifax as they're two of the UK's top Credit Reference Agencies, whose records are checked by some of the major UK banks and credit providers.

We do not recommend signing up to Pave if you are struggling to meet your existing credit repayments or essential expenses:

If you have the following negative markers on your credit file within the last 12 months, Pave will likely not be able to increase your credit score or your chances of accessing new credit until that marker is more than 12 months old.

• A County Court Judgement (CCJ)
• An Individual Voluntary Arrangement (IVA)
• Bankruptcy

You will need to confirm that none of these apply to you before signing up.

Pave will work in the background to boost your score, but you still need to maintain good credit behaviours, including:

• Making on time credit repayments (including Pave payments)
• Paying your bills on time (Pave can send you alerts to help you do this)
• Maintaining utilisation of revolving credit products below 25%
• Staying registered on the electoral roll or registering if you are not already
• Limiting the number of new credit accounts you open, as these can decrease your score temporarily

Pave will give you personalised tips within the app to remind you to do all of these things.