Running your credit cards up to close to the credit limit.Defaults and County Court Judgments (CCJ).Low credit usage, such as not running up your credit cards to the max.Having long-term debt such as old credit cards.There are many factors that can have an impact on your credit score, both negative and positive. The table below shows how the range of credit scores weighs in. At the time we published this post, the average credit score in the UK was around the 740 mark. However, it is unlikely that you will ever hit a 1,000 credit score, or handle debt so badly that you get down to zero. The higher your credit score, the better your credit rating. GET STARTED What Is the Range of Credit Scores in the UK?Įquifax operates credit scoring on a scale of zero to 1,000. Your credit history generally only goes back six years, as any debt older than 6 years is generally written off. A high credit score means you are more likely to meet your financial responsibilities. If you have a low credit score, it means you are more likely to not pay back any load or credit you are given. Your credit score is used as an indicator of your general creditworthiness. Financial transactions that could have either a negative or positive impact on your credit score are recorded in your credit history. Your credit score, can be seen as the sum of your entire credit report. What is a credit score equifax meaning? Like many people, you could find the whole system confusing. What Is Your Credit Score and What Does It Impact? For example, if you were to apply to Capital One for a new credit card, it would be Equifax that Capital One uses to get your credit score.Ī credit search can either be soft (no record is made of the search on your credit record) or hard (a deeper search, but a record is made on your credit file). This information is then used to decide whether to offer you credit. Why Is Equifax Important?Įquifax is used by lenders, to query your credit report and find out what your credit score is. We work with The Debt Advice Service who provide information about your options. This isn’t a full fact find, MoneyNerd doesn’t give advice. There are several debt solutions in the UK, choosing the right one for you could write off some of your unaffordable debt, but the wrong one may be expensive and drawn out.įill out the 5 step form to find out more. In fact, Equifax is generally considered to be the tier-two credit search company, with Experian being used by more lenders. Not every lender in the UK uses Equifax for credit searches. The company offers a range of services related to credit scoring and credit records. Who is Equifax?Įquifax LTD is registered in the UK, and falls under the watchful eye of the Financial Conduct Authority (FCA). In this post, we are only going to be covering Equifax score range uk 1000. Each of these calculates your credit score slightly differently, and each is used by a different group of lenders. There are two agencies in the UK that keep track of your credit history and score. If you are reading this post, it’s probably because you are trying to find out what a good credit score is, or where your credit score sits along the range of credit scores in the UK.
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