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credit scores, CRA's & The companies that help you?

A Credit Score is...

A score determined by your previous actions and is calculated using a wide range of different factors such as punctuality of bill payments to whether you are registered to vote. In the UK there are three recognised Credit Rating Agencies (CRA) in Experian, Equifax and TransUnion. These all provide a credit score but have different ranges, so there is no need to worry when your credit score is different on different platforms. By law everyone is entitled to a FREE credit report and score, but now there are websites out there that provide more than just your report. 

The Credit Rating Agencies (CRA's)

Experian:

The range for your credit score with Experian is 0 – 999 and has been split into five categories. The five categories are; very poor (0-560), poor (561-720), fair (721-880), good (881-960) and excellent (961-999)

 

Equifax: 

The range for your credit score with Equifax is 0-700 and has been split into five categories. The five categories are; very poor (0-279), poor (280-379), fair (380-419), good (420-465) and excellent (466-700)

 

TransUnion:

The range for your credit score with TransUnion is 0-710 and has been split into five categories. The five categories are; very poor (0-550), poor (561-565), fair (566-603), good (604-627) and excellent (628-710)

These Companies...

Provide you with your credit report and score by using one of the CRA’s. But they also provide so much more. These companies will show you useful ways to improve your credit rating as well as show you how likely it is you will secure credit cards, mortgages and loans. Many provide a useful platform by which you can monitor your outstanding debts, payment history and movements in your credit score. The differences between the companies tend to be relatively subtle, hence the one best suited to you is down to a matter of taste. 

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