Borrowers need to concern themselves with what makes a good credit score, and not just how a refinance affect a credit score. In the UK, there are three main credit reference agencies that securely hold data on the populus, and assign scores. Experian is the biggest, but there is also Equifax, and TransUnion.
Generally, with all the agencies, the higher the number, the better the score. Specifically, anything between 961 and 999 is excellent in Experian’s scoring system. With Equifax, it’s 466-700, and TransUnion is 628-710[7].
Although, it should be noted that there’s no magic number[8] that works for everyone. Lenders will have their own preferences, and a credit score is just one piece of the puzzle. One lender may be more than happy to work with a borrower with an Experian score of 650, while another may not give them the time of day.
Generally, most people in the UK are likely to have a decent score, which they’ll want to protect. In late-2024, the average Experian score in the UK was around 797[9]. The average Equifax score was 644.
Although, scores can vary dramatically across regions, and by age range. In Middlesbrough, for example, those aged between 21 and 25 have an average Experian credit score of 693, sitting in the “poor” range. Whereas those in Mid Sussex who are 55+ have a score of 910, hitting the “good” mark[10].
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