The UK's Most Detailed Credit Report & Credit Score – Checkmyfile (2024)

FAQs

Which credit report is most accurate UK? ›

So, there isn't a single, universal credit score. The Experian Credit Score is the UK's most trusted rating* – a good Experian Credit Score is likely to mean you have a good credit score with companies. It's based on information in your Experian Credit Report, and runs from 0-999.

If you have an average or low credit score you can still obtain a mortgage, however, you may need to use a specialised lender. The higher your Checkmyfile credit score is out of 1000, the better they consider your credit rating to be. For instance, a credit score of 886 out of 1000 is “extremely good”.

CheckMyFile also provides its own unique credit score based on the data from all three credit reference agencies. It's important to note that this score might differ from the individual scores you would get directly from the other agencies, but in most cases it's a more accurate illustration of your credit health.

The three main consumer CRAs in the UK are Equifax, Experian and TransUnion.

Once you have registered, you can check your credit file as often as you want. There are three main credit reference agencies - Experian, Equifax and TransUnion. You should check the information held with all of these agencies.

Experian scores your credit history out of 999, Equifax out of 1000 and TransUnion out of 710. The numbers considered “poor”, “fair”, “good” or “excellent” vary from one to the other even if the information they are using is the same. Equifax even has a “very good” range, which the others don't. This is OK though.

When lenders are deciding whether to lend to you, they refer to different credit agencies to run their checks - checkmyfile gathers data across all these agencies and combines them into one easy report.

Why is my Experian Credit Score different to other scores? Each Credit Reference Agency uses its own method of calculating your Credit Score, so you will inevitably see differences from agency to agency.

County Court Judgements, insolvencies and bankruptcies will be listed. Any ex-partners or housemates that have bad credit may have linked accounts to your name which can pull your credit score down if the repayment history is less than perfect.

Will checkmyfile affect my credit score? ›

Checking your own Credit Report will not lower your Credit Score. In fact, you can check the UK's most detailed Credit Report with checkmyfile free for 30 days, then for just £14.99 per month and cancel easily at any time, safe in the knowledge that your Credit Score won't be affected.

The higher the credit rating, the easier it is to get a loan or credit with a good interest rate. So in simple terms, the UK is now no longer seen as such a safe bet. Britain has held a AAA rating since 1978. Our rating is now AA which is the same as France but worse than Germany.

Credit rating agencies give investors information about bond and debt instrument issuers. Agencies provide information about countries' sovereign debt. The global credit rating industry is highly concentrated, with three leading agencies: Moody's, Standard & Poor's, and Fitch.

There is no “best” credit bureau—all three bureaus can offer helpful information and tools to help you make financial decisions.

Experian, Equifax and TransUnion are all respected, credible bureaus that are used widely.

Of the three main credit bureaus (Equifax, Experian, and TransUnion), none is considered better than the others. A lender may rely on a report from one bureau or all three bureaus to make its decisions about approving a loan.

Simply put, there is no “more accurate” score when it comes down to receiving your score from the major credit bureaus.

The primary credit scoring models are FICO® and VantageScore®, and both are equally accurate. Although both are accurate, most lenders are looking at your FICO score when you apply for a loan. There's a lot to learn about credit scores and credit reports and having more than one credit score can get confusing.