There are 3 main credit reference agencies which have different calculations to produce your credit score so it could vary by which agency your use. It can take some time to build a good credit score and you shouldn’t worry about trying to do this quickly. There are some ways to speed up the process and build a good credit score if you are on a time crunch. You can also start building your credit score without having a credit card and they could be things you are already doing, like paying your monthly bills on time.

 

Average Credit Score in the UK

Data shows that the average credit score is at its lowest between the ages of 21-45 and dips further between 31-35 years old. This is when most people have a greater need for loans and as the average age of the first time home buyer is 33 this could cause the credit score to lower as checks are carried out and debt accumulates.

 

 

What do the 3 reference agencies say?

We have found all three agencies scores so you can see them in on place.

 

Experian

The score with Experian ranges from 0-999 and they report the average score of 797. So is this a good score?

Good = 881-960

Average = 721-880

You can sign up with Experian to check your credit score for free so you know if you need to improve this before you apply for a loan or mortgage.

 

 

Equifax

Their score ranges from 300-850 with the average score being 644.

Excellent = 800-850

Very Good = 740-799

Good = 670-739

Fair = 580-669

Poor = 300-579

 

Transunion

Their range is between 300-850 with the average score in the UK being 573.

They advise to keep your utilisation rate below 30% which is how much of your credit limit you’re using. The lower your rate the better your score will be as you will appear as a low-risk borrower.

Excellent = 781-850

Good = 721 -780

Fair =661-720

Poor = 601-660

Very poor = 300-600