Your Credit Score: Credit Rating

A credit score (otherwise known as a credit rating) is a numerical value attributed to you as an individual to demonstrate your level of credit worthiness. A credit score is calculated through statistical analysis of a person’s credit report.

To find out what your credit score is and how it has been calculated, you will need to order a copy of it from the credit reference agencies. In the UK, there are 3 credit reference agencies, namely; Equifax, Experian and Callcredit.

Residents of the UK will have 3 different credit scores. This is due to the fact that each credit reference agency may hold varying credit information on you. The credit reference agencies also have their own unique methods to calculate personal credit scores. We highly recommend that you

Check Your Credit Score!

• Equifax Credit Rating: This service from Equifax provides you with a copy of your personal Equifax score. Your Equifax credit score can be purchased online for £14.95. With your Equifax Credit Rating you also get a free copy of your personal credit report. Order your Equifax Credit Score Now!

• Callcredit Credit Score: This service from Callcredit provides you with a copy of your personal Callcredit score. In addition to the numerical credit score value, they also attribute their version of a credit rating (a rating of up to 5 stars that indicates varying credit worthiness).

• Experian Credit Score: Only Members of the Experian CreditExpert monitoring service are able to purchase their personal Experian Credit Score (Experian have branded this as the ‘National Credit Score’). To become a member of Experian Credit Expert will cost you £6.99 per month, an Experian credit score costs an additional £5.95. Order Experian CreditExpert & Experian Credit Score Now!

How Good Is Your Credit Score?

The 3 UK credit reporting agencies operate different ranges for personal credit scores. Although credit scores are likely to differ across agencies it is probable that they will all indicate the same level of credit risk.

The credit scoring scale for the 3 UK personal credit rating agencies is shown below:

Equifax credit scores can range from 0 - 900 as shown in the image below:
Equifax Credit Score Scale

Callcredit credit scores range from 0 – 1500. Callcredit credit rating is between 1 - 5 stars.

Experian credit scores range from 0 - 999.

A low credit score is indicative of a poor credit history, whereas a high credit score is indicative of a good credit history. The better your credit history, the lower the credit risk you are likely to pose to suppliers.

What Use Is A Credit Score?

Banks, credit card operators, insurance companies, mobile phone providers and other types of creditor may conduct a credit search and use your credit score to make a quick decision as to whether or not you are eligible to become one of their customers.

The attraction for organisations to use credit scores is that they can remove the need for manual reviews of credit reports. This helps standardise the process of making credit decisions, speeds up processes and goes some way to reducing administrative costs.

Although credit reference agencies provide lenders and other creditors with credit scores, it is important to note that the credit reference agencies do not make the decision as to whether the creditor should take you on as a customer, or give you a loan. All such decisions are made by the creditors themselves!

Do Lenders Always Use My Credit Score?

Many organisations will have their own credit scoring systems. These credit scoring systems may, or may not use credit scores provided by the credit reference agencies. Some organisations may wholly rely on a credit score provided by a single credit reference agency, whereas others will make multi-bureau credit decisions (using the information of more than one credit reference agency). We have provided a list of lenders and the credit reference agencies that they use.

Many lenders will supplement credit scores with other information that they obtain during the credit application process. Such information may include detail such as your wages, length of employment and levels of disposable income (amongst many other factors).

Every organisation has a different credit decision making process. Different weightings will be applied to the value of your credit rating and to any supplementary information provided to them.

Although a good credit score with a credit reference agency is likely to also represent a good credit score with lenders and other creditors, we cannot say for sure that a good credit score will ensure you are accepted for loans, credit cards, mortgages, mobile phones or other sources of credit.

Before applying for sources of credit, it’s worth carrying out a check on your credit score. If it turns out that your personal credit score is lower than you had hoped then you should strongly consider taking action to improve your credit score before making that application.

Use these links to order your Equifax Credit Rating, or your Experian Credit Score.

Experian Credit Reports and Credit Scores

Want to know your credit score? Use the links below to place your order with Experian & Equifax:

Experian Credit Scores FREE CreditExpert Credit Report From Experian. Order an Experian Report & Score!

Equifax Credit Score Your Equifax Credit Score with the Equifax Credit Rating Service: Order Equifax Credit Score!

The Credit Agency: Credit Scores LEARN more about Credit Reports, the way lenders use them and how to Improve Your Credit Score: Credit Score Articles!