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There are three main credit agencies in the UK—Experian, Equifax, and TransUnion. Each collects financial records from various institutions to generate an individual’s credit score. Although they serve similar purposes, differences in reporting institutions can lead to score variations. Here’s a quick look at each agency.
Experian
Experian is the UK’s most widely used credit agency, dividing its reports into personal information, employment, accounts (credit cards, loans, mortgages), and inquiries. Data is updated monthly, with negative entries, like missed payments, staying on the report for at least six years. Consumers can add personal notes to explain any issues.
www.experian.co.uk
Equifax
Equifax organises accounts into open and closed lists to show current and past credit. It maintains a seven-year credit history and categorises accounts as revolving, mortgages, instalment loans, or collections. Consumers can add statements, and the report also includes personal history, inquiries, and public records.
TransUnion
TransUnion places a higher emphasis on payment history with it making up 40% of your overall score, 20% on credit utilisation, and 21% on credit history length. Recently reported balances, new accounts, and available credit also contribute, making up the remaining score percentages but with less weight put on them.
www.transunion.co.uk
Each agency may hold slightly different information, so check with all three at least once a year.
