Your credit score range explained
Your credit score range explained
In the UK, there’s no such thing as a universal credit score. The three credit reference agencies — TransUnion, Experian, and Equifax — all use different methods to calculate it, which means it will be different with each one. This guide should clear things up.
Your credit score range with TransUnion
TransUnion is the credit reference agency that provides the data TotallyMoney uses to create your Free Credit Report and Live Credit Score. They organise their credit score range using a rating between one and five, one being the worst and five being the best. Fortunately, we’ve solved the mystery about how TransUnion's credit score range pairs up with their ratings.
If you haven’t already, we recommend you get your TotallyMoney Free Credit Report and Live Credit Score. Then you’ll know your score with TransUnion, and you can compare this with the score you’re given by Experian and Equifax. Be aware, though, that you might need to give your card details to see your score with Experian and Equifax. It’s important to cancel any trials to avoid being charged. A good place to start, however, is with your [TotallyMoney Free Credit Report.](https://www.totallymoney.com/free-credit-report/
Your credit score range with Experian?
Experian provide credit scores out of 999, and define a good credit score as anything that’s 881 or above. You can see all their classifications in the table below.
What is your credit score range with Equifax?
Equifax provide credit scores out of 1000, and define a good credit score as anything that’s 531 or above. You can see all their classifications in the table below.
Why is it important to have a good credit score?
There are several reason why it’s important to have a good credit score. If you’re hoping, for example, to take out a mortgage to buy your own home one day, your credit score will need to be in good shape to get accepted and to get the best rates. Having a good credit score also means you’re much more likely to get the best rates when you take out other credit products. For example, you’re much more likely to get better credit card offers (such as longer balance transfers and purchase deals), low-APR loans, and even 0% finance agreements if your credit score is good. If your credit score isn’t good, though, it doesn’t necessarily mean you won’t get accepted for credit. However, lenders will view you as more of a risk, and as a result your interest rates will probably be higher, and any purchase or balance transfer offers you get will probably be shorter. Before you apply for anything, it’s always a good idea to check your eligibility and see your chances of being accepted.
How can I get a good credit score?
To get a good credit score, you need to know first what your credit score is. It might already be good! You can find out what your credit score is by signing up for your Free Credit Report with TotallyMoney. It only takes a few moments, won’t harm your credit rating, and doesn’t cost a penny. If you already know what your credit score is, and it could do with improving, you need to convince lenders that you’re a responsible borrower and that you can you can be relied upon to pay back what you owe. For more on how to get a good credit score, read our guide: ‘11 tips on how to improve your credit score.’
Summary: what are the different credit score ranges?
0-710 with TransUnion
0-999 with Experian
0-1000 with Equifax.