Experian UK&I Launches Smarter Credit Score to Give Consumers Sharper Insight and More Ways to Improve

Experian UK&I is introducing a new and improved credit score that better reflects how credit applications are assessed, giving people a clearer picture of their borrowing potential and more ways to improve their score. The updated score includes new data, such as rental payments, taking into account more of the positive financial behaviours people demonstrate in their everyday lives that banks and lenders are now using. The score range has been expanded from 0–999 to 0–1250, allowing for a more granular breakdown of financial behaviour. This change helps users understand how banks and lenders interpret their credit report and what actions can positively impact their score. The new model recognises behaviours that banks and lenders increasingly value - such as reducing overdraft use, avoiding credit card cash advances, and making regular payments on rent and phone contracts. As part of the new offering, Experian will give people clearer insight into what affects their score and how much of an impact different financial habits have – this transparency will make it easier for people to take action and improve financial outcomes. These changes are helpful for anyone looking to improve their score and are also particularly helpful for those with a limited history of using credit, helping support better financial inclusion. Importantly, the new score will not affect someone’s ability to get credit. Eligibility for things like mortgages, loans, or credit cards remains the same. The updated score simply provides a more detailed view of people’s financial track record and the new information that banks and lenders have started using, offering new ways to strengthen it over time. When people make an application, a lender will usually look at three key things:

• Affordability – this includes the information on their application form, including income, employment status and expenditure

• Their credit report & score – how they’ve managed credit in the last six years

• The lender’s own records – if they’ve been a customer with that lender before

The new and improved Experian Credit Score will help people get an even better understanding of how banks and lenders assess their credit information. Edu Castro, Managing Director of Experian Consumer Services, UK & Ireland, said: “The way people manage their money has evolved, and our score has evolved too. Our new Experian Credit Score better reflects more of the everyday financial behaviours that matter - like paying rent or reducing overdraft use – offering a clearer understanding of the information on your credit report. This means people get a more personalised view of how they’re doing financially and more practical ways to improve their score - helping unlock better borrowing opportunities for the future.” The new score will begin rolling out from November and will reach all UK customers by the end of the year. Existing customers will see their score automatically updated during this period and will receive an email once their smarter Experian Credit Score is available.