FAQ: Credit Reference Agencies – Who Uses Who?

What credit reference agency do most lenders use?

While both agencies should display accurate information, Equifax typically reports to a higher amount of lenders and banks. This means that, although it’s worth checking what your score looks like on both, more lenders will check how your report appears on Equifax.

Who reports to credit reference agencies?

In the UK, there are three main credit reference agencies — TransUnion, Equifax and Experian. They work with building societies, banks, mobile phone companies and other major retailers to help those businesses make quick and more accurate decisions about whether the person applying for credit is likely to pay it back.

Who uses Equifax UK?

Equifax is one of the credit referencing agencies used by many UK banks including:

  • Barclays.
  • Halifax & Bank of Scotland.
  • HSBC.
  • Natwest.
  • RBS.

Which lenders use Experian only UK?

Mortgage lenders that use only Experian?

  • Barclays mortgages.
  • Halifax mortgages.
  • Lloyds mortgages.
  • Accord mortgages.
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What are the 4 credit reference agencies?

The main four UK Credit Reference Agencies are Equifax, Experian, TransUnion, and Crediva.

What credit agency banks use?

While the FICO® 8 model is the most widely used scoring model for general lending decisions, banks use the following FICO scores when you apply for a mortgage: FICO® Score 2 (Experian) FICO® Score 5 (Equifax) FICO® Score 4 (TransUnion)

Do lenders use credit karma scores?

More than 90% of lenders prefer the FICO scoring model, but Credit Karma uses the Vantage 3.0 scoring model. Overall, your Credit Karma score is an accurate metric that will help you monitor your credit — but it might not match the FICO scores a lender looks at before giving you a loan.

Which credit reference agency does Natwest use?

Your credit score in our app is provided by TransUnion, one of the UK’s leading credit reference agencies.

Can a company do a hard inquiry without my permission?

Legally, hard inquiries cannot occur without your permission.

Which is better Experian or Equifax UK?

We now know that different CRAs can end up showing different information when lenders check your credit history – but is that the only difference? Experian scores your credit out of 999 (with anything over 880 being ‘good’), whereas Equifax scores your credit out of 700 (with anything higher than 420 being ‘good’).

What credit reference agency does Barclays use?

The credit-reference agencies we use are Experian, Equifax and Callcredit. If you’re an existing customer, we may also look at the way you’ve managed your account or previous borrowing with us. If the overall credit score is high enough, we could give you the credit you’ve asked for.

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What lenders use Equifax only?

PenFed Credit Union is the only loan company that uses only your Equifax credit data. In most cases, you won’t be able to determine beforehand which credit bureaus your lender will use.

Do banks use Equifax or Experian?

At Bank Australia we use two Australian credit reporting bodies: Equifax (formerly known as Veda), and Experian.

What credit score is needed for a Santander loan?

Santander takes a broader approach to assessing creditworthiness. In addition to your credit score, Santander considers other factors such as your debt-to-income ratio. Based on the language on its website, it would seem that you would need a minimum 680 credit score to qualify.

Which credit score is most accurate UK?

A credit score of 721-880 is considered fair. A score of 881-960 is considered good. A score of 961-999 is considered excellent (reference: https://www.experian.co.uk/consumer/guides/good-credit-score.html). TransUnion (formerly known as Callcredit) is the UK’s second largest CRA, and has scores ranging from 0-710.

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