The average UK credit score is 797 out of 999 (according to Experian), however scores can vary depending on the credit reference agency. Looking at different areas of the UK more closely, shows the average credit score varies significantly depending on the location.
We provide a score from between 0-999 and consider a 'good' score to be anywhere between 881 and 960, with 'fair' or average between 721 and 880.
The average UK credit score is around 740; scores are categorized as Excellent (811-1,000), Very Good (671-810), Good (531-670), and Poor (<531). Factors impacting credit scores include payment history, credit usage, electoral roll registration, and hard credit searches.
Well, that also contributes to what constitutes a good score in the UK. Generally speaking, anything above 531 is considered a good score with Equifax. Experian is slightly higher, marking a good credit score from 881 and up.
Scores 565 and below are considered Needs Work. Scores between 566-603 are considered Fair. Scores between 604-627 are considered Good. Scores 628 and above are considered Excellent.
Equifax: Good – 661 to 734; very good – 735 to 852; excellent – 853-1,200. Experian: Good – 625-699; very good – 700-799; excellent 800-1,000. Illion: Good – 500-699; great – 700-799; excellent – 800-1,000.
A credit score of 800 means you have an exceptional credit score, according to Experian. According to a report by FICO, only 23% of the scorable population has a credit score of 800 or above.
The Experian Credit Score is the UK's most trusted rating* – a good Experian Credit Score is likely to mean you have a good credit score with companies. It's based on information in your Experian Credit Report, and runs from 0-999. The higher it is, the better your chances of getting credit at the best rates.
Clearscore and Experian may show different credit scores due to their unique proprietary algorithms used to calculate your creditworthiness. Let's dive deeper into these differences... This article contains tops tips from our financial experts, backed by in-depth research.
Experian scores your credit out of 999 (with anything over 880 being 'good'), whereas Equifax scores your credit out of 700 (with anything higher than 420 being 'good').
Credit scores from the three main bureaus (Experian, Equifax, and TransUnion) are considered accurate. The accuracy of the scores depends on the accuracy of the information provided to them by lenders and creditors. You can check your credit report to ensure the information is accurate.
More companies use Experian for credit reporting than use Equifax. This alone does not make Experian better, but it does indicate that any particular debt is more likely to appear on an Experian reports.
ClearScore takes your credit report and financial information from Experian and illion, then uses that very information to generate its own score. While the credit scores can vary slightly depending on the credit reporting agency, the same rule follows for all scores – The higher the better.
For a score with a range between 300 and 850, a credit score of 700 or above is generally considered good. A score of 800 or above on the same range is considered to be excellent. Most consumers have credit scores that fall between 600 and 750.
Different credit scoring agencies calculate your credit score slightly differently. If your credit report shows scores out of 1,200 then as a rule of thumb a score above 853 is excellent while above 661 is good. If your credit report shows scores out of 1,000, above 690 is excellent and above 540 is good.
Which is why Experian has a slight edge over Equifax, as it tends to track recent credit searches more thoroughly. For example, Experian includes the following information in a credit report: Personal information - any piece of information that can be used to identify you.
ClearScore gets your credit score and report from Equifax. Depending on the date of your report, there could be slight differences in the score we have and the one Equifax has.
Experian. Experian is one of the most widely known and used credit report services, both in the UK and internationally. In addition to providing credit scores and credit reports, Experian also provides a number of useful tools to help us improve and manage our financial statuses. There are two account options.
The average credit card limit in the UK sits between £3,000 and £4,000, but someone on a low income with a poor credit history might only have a credit limit of around £200 to £500. By contrast, if your credit history is excellent and you have a high income, you might be offered a credit limit as high as £12,000.
There are 3 main credit reference agencies (CRAs) in the UK: Experian, Equifax and TransUnion.
It might also be hard to achieve an 800 credit score until you have a mix of credit under your name. We're not saying you should take out a mortgage or a car loan just to get your credit score over 800, but if the only credit accounts on your file are credit cards, you might struggle to reach that 800 credit score.
About 1.6% of the U.S. scorable population has an 850 credit score. While few people have an absolutely perfect credit score of 850, 23.3% — nearly a quarter — of Americans have a credit score higher than 800.