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Your credit score is an indication of your creditworthiness. But there’s no universal number (in fact, you have three!) and they’re not the only thing lenders look at.
In truth, no number guarantees you’ll be accepted for credit cards, loans or mortgages. But comparing your credit score with the UK average for your age is a useful way to see where you stand.
If your score is above the UK average for your age group, you may be in a good position to get better deals on borrowing. If it’s falling short, we can help you with that. But you need to make sure your whole credit history is in good shape and that your personal information is accurate. You should only ever think of your credit score as a reference.
So, what’s a credit score and why should I care?
Your score is a number generated by your credit report that summarises your creditworthiness. Read more about what a credit score is here. Showing a good level of responsibility in your borrowing history may improve your chances of being accepted for credit (like loans, credit cards and mortgages) and might mean you’re offered better interest rates. Generally, the higher your score the better.
How do I find out my credit score?
You actually have more than one credit score. Credit scores are calculated by credit reference agencies (CRAs). There are three main CRAS in the UK: Experian, Equifax and TransUnion.
Each one uses their own scoring system so your score is different from one to the other. If you want to find out more about the top three CRAs, read up on who they are, what the difference is, and which ones lenders use here.
What’s the overall average credit score in the UK?
Because there are three main CRAs in the UK, there are three overall averages. This is a quick guide to the national averages for all age groups. If you already know your credit scores, how do they compare?
- Experian score between 0-999. The overall UK average is 797**.
- Equifax score between 0-1000. The overall UK average is 585**.
- TransUnion score between 0-710. The overall UK average is 573**.
Your rating with all CRAs are categorised in brackets like “poor”, “fair”, “good” and “excellent”. While the scoring systems for each CRA are different, they all use similar data to calculate your score. So you are likely to fall into similar categories in each one regardless of the different numbers.
If your credit score is “good” with Experian, you’d expect it to be “good” with Equifax and TransUnion as well. It’s worth mentioning that errors on your credit report can exist with one CRA but not the others, so if one has a wildly different score something probably needs fixing. You can learn how to fix errors on your credit report here.
What’s important to remember is that the “average” is affected by things like address area, age (see below), and whether or not you’re registered to vote.
**At the time of researching this article in Dec 2022, we are sourcing data from Experian PLC, ClearScore, and MoneySuperMarket from the publications in 2021 or later.
What’s the average credit score by age UK?
Not all of the CRAs release the average credit score for different age groups. To break it down, let’s look at data from Experian. We’ll also list the rating category so you can compare across different CRAs. People under the age of 18 do not have a credit score.
Average credit score by age
Credit scores seem to be lower on average for people between the ages of 21 and 45. This is when you are more likely to have a greater need for borrowing with mortgages and loans. And if you happen to have children, the financial pressures of having dependents may also put more strain on your score during this time.
Average credit scores have actually improved since the lockdowns in 2020. This is most likely because of payment freezes and repayment holidays, as well as a general shift in how people spent and saved during the uncertainties.
What if my credit score is below average?
Firstly, don’t worry! If you check your scores and they are lower than the national average in the UK it’s not the end of the world. With some patience you can usually improve it. You’ve already done the right thing by checking them. So what should you do next?
If you want a proven way to build your credit score with all three CRAs (Experian, Equifax and TransUnion) you should get started with a Loqbox membership. If you want to watch your credit scores grow, our clever credit-building tools can help — plus we’ll give you the know-how to feel confident with your finances.
Improvements to your credit score are not guaranteed.
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