What’s the Average Credit Score in the UK?
See how your credit score compares to the UK average, and what it means for your financial options.
Your credit score is a key part of your financial identity, but without context, the number itself can feel meaningless. One of the best ways to understand where you stand is to compare your score to the average credit score UK residents currently hold.
Knowing the UK average helps you gauge your financial health, understand how lenders might see you, and identify areas for improvement. This guide breaks down the average scores in the UK and explains what they mean for you.
Why Knowing the Average Matters
Comparing your score to the national average gives you a valuable perspective. It helps you understand whether you are in a strong position to borrow money or if you might need to take steps to improve your credit profile first.
If your credit score is significantly above average, you are more likely to be seen as a lower risk borrower. This can give you access to a wider range of financial products, higher credit limits, and more competitive interest rates. Conversely, if you have a poor credit score or bad credit, you may face higher rates or find it harder to get approved for a loan or credit card.
The Average Credit Score in the UK
It is important to remember that there isn’t just one credit score in the UK. The three credit reference agencies (CRAs) each use different scoring systems. Therefore, the average score differs depending on which agency holds your credit file.
Based on the latest available data, here is how the averages look across the main credit reference agencies:
- Experian credit score: Their scale ranges from 0 to 1250. The average Experian credit score in the UK typically sits around 1,041.
- Equifax score: Scored out of 1000, the UK average is around 653.
- TransUnion score: Scored out of 710, the average is around 629.
These figures fluctuate with economic conditions but provide a solid snapshot of the typical credit score range for UK consumers.
How the Average Compares to a ‘Good’ Score
So, is the average score considered a good credit score? It depends on the specific credit score bands set by the agencies.
- On the Experian scale, a score of 881-960 is considered ‘Good’.
- An Equifax score of 531-670 is rated as ‘Good’.
- A TransUnion score of 604-627 is rated as ‘Good’.
This shows that the average UK adult typically qualifies for ‘Fair’ to ‘Good’ credit ratings. While this is positive, lenders often reserve their very best offers – like the lowest interest rates and premium credit cards – for customers in the ‘Excellent’ band (the highest credit scores). Aiming to be consistently above average is the key to unlocking the best financial products.
Factors That Influence the National Average
The national average credit score isn’t a static number. It is influenced by a wide range of factors, including:
- Demographics: Age group is a significant factor. Older consumers often have a longer borrowing history and are more likely to own homes, which can contribute to higher average credit scores.
- Economic Conditions: During periods of high cost of living, more people may struggle with repayments, which can cause the national average to dip due to missed payments.
- Lender Behaviour: The lending criteria and reporting habits of banks and credit providers also shape the data that feeds into the national average.
How to Improve If You’re Below the Average
If you find your score is below the average, don’t worry. There are clear, practical steps you can take to improve your credit score.
- Pay Every Bill on Time: Your payment history is one of the most important factors. Set up Direct Debits to avoid ever missing a payment.
- Reduce Your Credit Utilisation: This is the percentage of your credit limit you use. Aim to use less than 30% of your available credit limit on each card.
- Check Your Reports: A simple mistake on your credit report could be dragging your score down. Check your credit score with Experian, Equifax and TransUnion and dispute any inaccuracies.
- Get Registered: Ensure you are on the electoral roll (or electoral register) at your current address. This confirms your identity to lenders.
- Build History: If you have a thin file, using a credit builder card responsibly-paying it off in full every month-can help prove you can manage credit responsibly.
Turning these actions into long-term habits is the most effective way to build a score that is consistently above the UK average.
Frequently Asked Questions
Is 700 a good credit score in the UK? It depends entirely on which agency’s scale you are looking at. A score of 700 with TransUnion (out of 710) is excellent. However, a score of 700 with Experian (out of 999) is considered ‘Poor’ to ‘Fair’. You always need to know the context of the scoring systems.
Why is my score different from the national average? Your credit score is a unique reflection of your personal financial history. Factors like your age, how long you’ve had credit, your total debt, and your payment history all combine to create your score, so it will naturally differ from a broad statistical average.
Do lenders really care about the average score? Not directly. Lenders typically don’t judge you against the national average; they judge you against their own internal lending criteria and risk assessment models. However, the average serves as a useful benchmark. If your score is well above it, you are highly likely to meet the criteria for most prime lenders and avoid being refused credit.
Discover practical tips to build and maintain a healthy credit rating. Check out our Credit Scores page to find out how to improve your financial profile.
Final Thought
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All figures are representative, the rate you are offered will depend on an assessment of credit worthiness and affordability. Terms and conditions apply.
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