Determining what qualifies as a "good" credit score in the UK can be complicated, as the three major credit reference agencies TransUnion, Equifax and Experian each use different scoring scale. This means a "good" score with one agency might fall into a different category with another. Below is a breakdown of how each credit reference agency classifies their credit scores.
TransUnion
TransUnion uses a scale of 0 to 710, with the following bands:
● Very Poor: 0–550
● Poor: 551–565
● Fair: 566–603
● Good: 604–627
● Excellent: 628–710
A score of 604 or above is considered "Good," and 628 and above is "Excellent."
Equifax
Equifax scores range from 0 to 1000, with the following bands:
● Poor: 0–438
● Fair: 439–530
● Good: 531–670
● Very Good: 671–810
● Excellent: 811–1000
A score of 531 or above is considered "Good," while 811 and above is "Excellent."
Experian
Experian scores range from 0 to 999, with the following bands:
● Very Poor: 0–560
● Poor: 561–720
● Fair: 721–880
● Good: 881–960
● Excellent: 961–999
A score of 881 or above is considered "Good," while scores 961 and above are "Excellent."
Understanding Credit Scores
These scores provide general guidance, but lenders may have their own criteria when
deciding whether to approve credit applications. Other factors, such as payment history, credit
utilization, existing debt levels, length of credit history, public records and borrowing
behaviour can also affect lending decisions.
It's a good idea to regularly monitor your credit score to stay on top of your financial health.
Checking your report can also help spot any inaccuracies or fraudulent activity that might impact your score.