Equifax Credit Score

Credit Score Ace offers insights into Equifax credit scores and provides guidance on when and why you should check them.

Overview of UK Credit Reference Agencies

In the UK, the largest credit reference agency is Experian, followed by Equifax, and then TransUnion, which is the smallest. All these agencies provide pay monthly credit report services, allowing consumers to access their credit ratings and reports.

Accessing Your Credit Score

To access your credit score, you need to subscribe to a monthly credit report scheme or create a free account with Equifax. Equifax offers a service called Credit Expert, providing continuous access to your credit report and score for a monthly fee. You get a 30-day free trial with this service, which you can cancel anytime within that period without being charged. If you continue, the service costs £14.95 per month and can be canceled at any time.

How Credit Scores Work

When you apply for finance, a search is conducted on your credit file, and the lender assigns you a credit score. The scores from Equifax and other agencies serve as a guide. Credit scores are dynamic, changing based on your financial behavior; they can improve or worsen over time.

Equifax Credit Score Range

Since 2021 Equifax has adopted the credit score range above, further down the page we have included the view prior to this. The latest score range added a ‘very good’ category and increased the top score band to a maximum of 1000.

Improving Your Credit Score

Improving your credit score takes time and effort. You need to make timely payments on debts and bills, avoid excessive applications for finance in a short period, ensure you are on the electoral roll, keep your details up to date, and check your credit report for any inaccuracies.

A higher credit score makes you a less risky borrower, increasing your chances of obtaining finance and securing better interest rates. Good or excellent credit also opens up more financial product options.

How to Improve Your Equifax Credit Score

To improve your credit score, register on the electoral roll, correct any errors on your Equifax credit report, and consistently pay your credit commitments, such as monthly credit card bills.

When to Check Your Equifax Credit Score

Check your credit score if you plan to apply for any form of finance, such as a mortgage, car finance, loan, or credit card. It’s also wise to check your score when applying for a job that involves credit checks or renting a home, as landlords and letting agencies often perform credit checks.

Regularly checking your credit score is crucial if you are working to improve it. This helps you monitor your progress and see if your efforts are reflected in your credit score.

Given that your credit score and report can change, it’s advisable to keep track of it, especially before applying for finance, tenancies, or jobs. With Equifax, you can quickly view your score online, enabling you to make informed decisions about applying for finance, rented properties, jobs, and more.

Equifax credit score range prior to 2021