Equifax credit reference agency score

Equifax credit score, rating and report

Everything you need to know about your Equifax credit score and report.

When you apply for loan, mortgage or credit card, lenders will look at your credit report and score to help them decide whether or not to offer you credit, how much to offer you and how much interest to charge you.

Equifax is one of three main credit reference agencies in the UK used by lenders when determining how much of a risk you are to lend money to and how much they can make from you. A number of factors detailed on your credit report make up your credit score, which ultimately places you in a rating group, ranging from “very poor” to “excellent”.

What is an Equifax Score?

Equifax takes everything it knows about you (what’s in your credit file) and boils it down to a number. If you have a good score, you can usually get a loan, credit card or mortgage.

It’s important to know, while lenders will look at your credit score, they also have their own criteria for potential customers.

What does a Equifax credit score look like?

Each credit reference agency has its own scoring system. Equifax scores range from 0 to 700: the higher your score the better your chances of obtaining credit.

  • Equifax: 0–700
  • Experian: 0–999
  • TransUnion (formerly Callcredit): 0–710

Depending on your score, you’re said to have excellent, good, fair, poor or very poor credit:

Equifax credit scoreEquifax credit ratingWhat this means for you
0–279Very poorIt’s highly likely your credit application will be rejected.
280–379PoorYou have a chance of being approved for credit, but are likely to be charged a high interest rate and have a low limit.
380–419FairYou should be offered reasonable interest rates, but are likely to have a low credit limit.
420–465GoodYou’re likely to be approved for credit, but won’t necessarily have the best interest rates.
466–700ExcellentYou’re very likely to be approved for competitive credit offers.

If you want to find out your credit score, you can do so for free from all of the credit reference agencies. If you want to access your credit report, you’ll normally have to pay, although some offer a free one-month trial subscription.

All you need to know about credit scores and reports

How to improve your Equifax credit score

You may have had a loan, credit card or mortgage application rejected because of a poor credit score.

If you’re struggling to borrow money because of your credit report, there are steps you can take to improve it. Be aware it takes time to build up a history of good financial decisions and hopefully improve your score.

  • Pay your bills on time and ideally with more than the minimum payment.
  • Close any unused credit accounts as these could be viewed negatively by some lenders.
  • Register on the electoral roll. Lenders can be wary if you’ve moved house a lot or haven’t registered your current address.
  • If you have no credit history at all, it may be worth looking into opening a credit builder card to build up your score over time.
  • Check your credit report for errors. An administrative mistake could result in you wrongly being rejected for credit. Your partner or flatmate’s bad credit decisions could also impact on yours if you have any joint accounts.

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2 Responses

  1. Default Gravatar
    JackApril 23, 2019

    I have a negative on my report(exceeding my credit limit) how long till that comes off my report, 6 years? or indefinitely as the credit card is still in use

    • Avatarfinder Customer Care
      nikkiangcoApril 24, 2019Staff

      Hi Jack,

      Thanks for getting in touch with Finder. Sorry to hear that there is a negative listing on your report. Most black marks disappear from your credit report after five years, so in some cases, it may be worth waiting it out. If a payment default was listed on your report more than three years ago, it may disappear soon. If you can hold off any card or loan application for a few more months, you can do away with the whole credit repair hassle.

      Hope this helps!

      Best,
      Nikki

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