What is a credit score?
Your credit score is a number that lets lenders know how ‘creditworthy’ you are. Your credit score is based on several factors, including how you’ve managed any credit accounts in the past.
How do CRAs gather their information?
CRAs collect information about your borrowing and repayment habits from your bank(s) and any lenders you’ve used. Some personal information is collected from public records, such as the electoral register.
This information includes:
- Whether your bills and credit commitments are paid on time.
- Details of any late or missed repayments.
- How much you currently owe: for example, the outstanding balance on a credit card.
- Whether you’re on the electoral register.
- Your personal information, like your address history and any other names you’ve been known by, such as a maiden name.
- Any bankruptcies, county court judgements (CCJs), or Individual Voluntary Arrangements (IVAs).
The information gathered paints a picture of your financial habits and generates your credit score.
How can I check my credit score and credit record with Experian?
You can check your credit score and/or your credit record with Experian by creating an account.
The Experian credit score range
Please note that each CRA has their own scoring system, so it’s possible that your rating could differ between providers. For example, your credit score could be classed as ‘excellent’ with one CRA, but ‘very good’ with another.
We’ve included the Experian credit score ratings in the table below.
| Score | Score Range |
|---|---|
| Excellent | 961 – 999 |
| Good | 881 – 960 |
| Fair | 721 – 880 |
| Poor | 561 – 720 |
| Very poor | 0 – 560 |
What is a good credit score with Experian?
In line with the table above, a ‘good’ credit score with Experian is considered to be a rating above 881, while an ‘excellent’ credit score is anything above 961.
You’re more likely to be considered for credit if you have a good credit score, although it’s important to remember that this is not a guarantee.
What’s the average credit score with Experian?
According to Experian, the average credit score amongst their customers is 790.
What should I do if I spot incorrect information on my Experian credit report?
If you notice any incorrect, outdated or unrecognised information or activity on your Experian credit report, you should contact the company that holds the data: for example, your bank or credit provider.
Another option is to contact Experian directly, who will investigate the error and update you within 28 days.
Incorrect information on your credit report could have a negative impact on your credit score.
How much does it cost to use Experian?
When it comes to accessing your credit score and/or report with Experian, there are four different options available, each with its own features and price points, ranging from free to £14.99 a month. We’ve listed each account type and outlined its key details below.
1. Free option one: Free Account
- Log in to your free Experian account each month to keep track of any changes to your credit score.
- You could get an instant credit score boost by connecting to your bank account.
- Compare a range of credit products, including loans, credit cards and mortgages.
2. Free option two: Statutory Report
- See a basic view of your credit report.
3. Paid option one: Identity Plus
- Daily access to your credit score and fraud report.
- Get fraud alerts and support from a dedicated fraud team.
- If you have a free Experian account, you can upgrade to Identity Plus at any time.
- After an initial 30-day free trial period, an Experian Identity account will cost you £10.99 a month.
4. Paid option two: CreditExpert
- View your credit score and report daily.
- Develop a better understanding of your credit score and the things you could do to improve it.
- UK call support.
- After an initial 30-day free trial period, an Experian CreditExpert account will cost £14.99 a month.
Not sure which choice is the right fit for you? Experian provides a detailed breakdown of each account plan here.
How often should I check my credit score?
Experian suggests making a habit of checking your credit score regularly.
Will checking my credit score affect it?
No - checking your credit score and file yourself will not affect it.
How often will my credit score update?
This will depend on your Experian account.
A free Experian account will generally provide you with a credit score update every 30 days, while a paid account will enable you to check your score in real-time daily.
The speed at which providers send information to the CRAs will vary, so it’s important not to expect instant updates. It can take up to 6 weeks for changes to be actioned on your report and/or score.
How to improve your credit score
Concerned about your credit score? You’re not alone. Data released in 2024 revealed that 30% of people in the UK regularly worry about their credit score.
The good news? Your credit score is not set in stone, and regardless of how bad you think your score currently is, you can start to take back control of your situation at any time.
1. Make sure you’re on the electoral register. You don’t even need to vote if you don’t want to, but just being on the register will make it easier for potential lenders to verify your personal information, which in turn could boost your credit score.
2. Incorrect information on your credit report could cause your credit score to decline. Be sure to regularly check your report for errors.
3. If you have any current credit commitments, ensure that they’re paid in full and on time each month. This should also be the case for bills.
4. A common mistake that could damage your credit score is using your credit card to withdraw money from a cash machine. Lenders may view this activity as poor money management.
5. While we’re on the subject of credit cards, you should aim to keep your credit card utilisation as low as possible. This is the amount of money that you’re using of your credit limit and is displayed as a percentage. If you’re hoping to improve your credit score, it’s a good idea to try to keep your utilisation below 30%. For example, if you have a credit limit of £500, a 30% utilisation would work out at £150.
6. Finally, your credit limit should not be viewed as an incentive to spend money that you don’t need to, or you can’t afford to repay.
Please note that combining as many credit-building methods as possible could have a better outcome than just using one.
Improving your credit score won’t happen overnight, but being patient, consistent, and making small changes could pave the way to a healthier credit position.
What happens if I can’t afford to make my repayments on a credit product?
If you’ve taken out a credit product, such as a loan or credit card, that you’re struggling to repay, you should contact your lender as soon as you can.
If your lender is aware of your situation, they will be able to work with you.
Experiencing money worries?
Please know that support is available. Whatever you’re going through, you can access free, confidential money and debt advice from the following organisations: StepChange, MoneyHelper, Citizens Advice, and National Debtline.
Experian summary
- Experian is one of the three main CRAs in the UK.
- The Experian credit score range covers five different rankings: excellent; good; fair; poor; and very poor.
- The average Experian credit score is 790, which places customers into the ‘fair’ range.
- You should aim to check your credit score and report regularly.
- Checking your credit score will not damage it.
- There are four different types of Experian accounts: free account; free Statutory Report; Identity Plus; and CreditExpert. Identity Plus and CreditExpert cost £10.99 and £14.99 per month, respectively.
- There are many ways to begin your journey towards a better credit score, including registering to vote and paying your bills and any existing credit commitments on time each month.