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Financial services are the different economic services that the financial industry provides to consumers. These include credit unions, banks, credit-card companies, insurance companies, accountancy companies, consumer-finance companies, stock brokerages, investment funds, and so on.

Commercial banks play a very big role when it comes to offering financial services. A commercial bank takes in deposits from depositors and pays them interest. The interest is made from lending deposits to borrowers.

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Banks are also in the business of providing personal loans, commercial loans, mortgage loans, overdrafts and more. However, before banks can lend you the money, you need to maintain an excellent credit score.

A credit score is an instrument used by lenders to measure a borrower’s creditworthiness. It is based on a borrower’s credit history. Lenders use this to evaluate the probability that an individual will repay loans as and when due.

So lenders rely on your credit history to determine your credit score. Your credit score changes based on new information on your credit history. For you to improve your credit score, you must pay your bills on time, increase your credit line, and keep a credit card account open if when not in use.

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You can also borrow to build a house or buy one. This is known as a mortgage. There are many types of mortgages available for you in the UK. These include repayment mortgages, interest-only mortgages,fixed-rate mortgages, variable-rate mortgages, buy-to-let mortgages and more.

This magazine provides you with information about financial services. You will get to read articles about borrowing money, lenders, mortgages, loans, overdrafts, credit scores and financial literacy. You can contact us for more information.