Why Is My Credit Score Different on Different UK Sites?

A credit score is a three-digit figure used by lenders to assess the likelihood of you being approved for financial items like credit cards and loans. Credit scores normally vary from 300 to 850, but there are hundreds of variations ranging from basic scores to rather industry-specific scores, making it difficult to determine which one you're being evaluated on during the application process.

Your credit score tells lenders how you've managed your money over the last six years. This, together with your credit record, gives them the information they can use to determine whether or not you're a dependable borrower.

However, you do not have one single universal credit score. Your credit score will differ from one credit agency, or CRA, to the next. Why is that though? Why is a credit score different on different reports? Let’s explore. 👀

Why Is My Credit Score Different On Different Websites UK?

The Different Scoring Models for Credit Ratings

There are several credit scoring models available. However, lenders normally utilise one of the two primary credit scoring models — FICO or VantageScore. Both models look at the same key aspects of your credit history, like your payment history and how much credit you’ve used, but they just use different methods to weigh each item.

The Different Credit Score Versions

There are also numerous different credit score versions, which are classified as base scores and industry-specific scores. Base scores, such as FICO® Score 8 or VantageScore 3.0, indicate to lenders how likely it is that you will return your credit commitment. Industry-specific scores, such as the FICO® Vehicle Score 9 used in auto lending decisions, show the likelihood that you will be able to repay a certain loan.

Why is My Credit Score Different on Equifax and Experian?

Credit scores are created using information from one of the three main credit bureaus - Experian, Equifax, or TransUnion. Your score varies depending on the information you supply to each bureau.

But why am I getting two different credit scores? Well, it is possible that the credit bureaux do not receive all of the same information about your credit accounts. Lenders are not legally obliged to submit reports to all three bureaux. While most do submit info, there is no guarantee that the information will be the same across the board, possibly resulting in different scores.

Similarly, there may be discrepancies if you see your credit score at different times since one score may be out of date. Do be careful though because any errors on your credit report can affect your credit score. To protect your credit score, challenge inaccuracies on your credit report as soon as possible.

What Is The Most Reliable Credit Score Website?

There are three major credit reference agencies in the United Kingdom, and while they all collect identical information, credit ratings may fluctuate between organisations. Finance providers may choose to report to one, two, or all three of these organisations, which may have an impact on your credit score. A modest difference in credit scores is usually not cause for concern though, so don’t worry too much. 

Different Credit Scores UK

Essentially, you have more than one credit score. Actually, you have three, one from each of the credit reference companies in the UK. Companies known as credit reference agencies produce your credit report (CRAs). 

In the United Kingdom, the three major CRAs are TransUnion, Equifax, and Experian. They each assign you a score depending on their own specific scoring methodology. This is what is called your credit rating. They will also explain what the number signifies, corresponding to anything ranging from 'bad' to 'outstanding.' This will give you an indication as to how probable it is that you will be approved for credit.

Your credit reports are created and stored by these CRAs. They collect information about your credit history, compile it into a credit report, and use it to generate a score for you. Before approving your credit application, lenders may request information about you from one or more of these organisations. 

Due to the varied methods each company uses, Experian and Equifax credit scores differ from one another. The specific credit score formula used by either is not made public. Experian and Equifax do not use the same general considerations to determine credit scores.

Furthermore, the scoring systems used by Experian and Equifax are different. There is a difference of 200 points total since the Equifax scale goes up to 1200 while the Experian scale only goes up to 1000. Equifax and Experian use different time frames for evaluating credit information. While one might evaluate the most recent data, the other might take data from a few weeks ago into account. Each credit rating agency, therefore, uses a different set of data to calculate your credit score, which could account for the discrepancy. 

The Bottom Line

The universe of credit ratings can be intricate and difficult to navigate. When you combine that with the importance of credit scores—often marketed as miraculous numbers that are the answer to all your financial problems —you might drive yourself into a frenzy trying to access, comprehend, and, most importantly, find out how to get the most out of them.

Our best advice would be to avoid getting fixated on a single credit score. Instead, consider the range of your credit score, the several types of scores available, and the concepts utilised to construct them. Credit scores are calculated using complicated mathematical procedures that examine the information within your credit history and generate a number that conveys the chance that you will make payments on time.

Feel like you need more credit score confidence? Our car finance blog Carmoola has everything you need. Check out our many free resources to help you understand the mystery of credit scores, and not get overwhelmed by everything there is to learn. We can also help you get car finance on our app. It’s quick, it’s easy, it’s effortless and it’s actually rather fun! 🚗😉