Credit Scores FAQs
1. About TransUnion and other Credit Reference Agencies
1.2 What is a Credit Reference Agency?
1.3 Do Credit Reference Agencies make lending decisions?
1.4 What information do Credit Reference Agencies hold?
1.5 Do the three main Credit Reference Agencies (CRA) hold identical information about me?
1.6 Why does my credit score differ across different Credit References Agencies (CRA)?
1.1 Who are TransUnion?
TransUnion International UK Limited (trading as TransUnion) are a part of TransUnion’s global organisation and one of the three main Credit Reference Agencies in the UK. We combine data with our suite of software and analytical capabilities to help businesses and consumers make more informed, confident decisions.
TransUnion has been operating internationally for over 30 years in over 30 countries. We connect businesses and consumers through data, technology, and analytics to help build credit economies worldwide. We’re a key provider of risk and information solutions within the markets we serve.
As a global information and insights provider, we strive to help organisations optimise their risk-based decisions and enable consumers to understand and manage their personal information. It's our purpose to help businesses and individuals around the world transact with confidence, access the opportunities that lead to a higher quality of life and achieve great things. We call that Information for Good®. To find out more information about TransUnion please go to www.transunion.co.uk/about-us/about-us
1.2 What is a Credit Reference Agency?
There are three main Credit Reference Agencies (CRAs); TransUnion, Equifax, and Experian. CRAs collect and store information related to credit history to produce credit reports on people in the UK. CRAs obtain credit history information from different sources such as:
- Finance companies like banks, building societies, and insurers.
- Other bodies like local authorities and courts.
Credit history information can then be requested either as part of an application or for ongoing account maintenance by lenders and other organisations for various permitted purposes such as responsible lending, anti-money laundering and fraud prevention.
1.3 Do Credit Reference Agencies make lending decisions?
No. Credit Reference Agencies will not decide whether you’re given credit. That is the lenders decision. Credit Reference Agencies are independent organisations holding the information that lenders use. They play no part in the actual decision-making process and the information they hold is entirely factual.
1.4 What information do Credit Reference Agencies hold?
Credit Reference Agencies hold personal information and details about your financial history, including:
- Your presence on the electoral register
- Any court judgments made against you
- Any bankruptcies or insolvencies
- Your past and current borrowing agreements; how much you owe and your repayment history
1.5 Do the three Credit Reference Agencies (CRA) hold identical information about me?
No. The information CRAs obtain from public sources (such as electoral register data, bankruptcies, and court judgments) should be similar, but information supplied by other organisations may well be different. Some organisations supply data about their credit accounts to all three of the main CRAs, while others only supply data to one or two agencies.
1.6 Why does my credit score differ across different Credit Reference Agencies (CRA)?
Your TransUnion, Experian and Equifax scores are likely to be different as each of these companies use their own credit scoring system with different maximum scores (TransUnion’s score is out of 710, Experian’s is 999 and Equifax’s is 700).
Each CRA assembles your report from information sent to them by financial organisations like banks, building societies, and insurers, as well as other bodies like local authorities and courts. Organisations will have their own scoring criteria like CRAs, and will calculate a credit score based on their perception and interpretation of the information they hold.
2. About your credit score
2.2 What could affect your credit score?
2.4 How are score factors generated?
2.1 What is a credit score provided by TransUnion?
Your credit score is a 3-digit sum calculated by TransUnion using the information within your TransUnion credit report. It gives you an idea of how your credit history may be perceived by potential lenders and other organisations requesting a copy of your credit report.
The credit score you see on your credit report is TransUnion’s perception based on their calculations. Organisations will have their own scoring criteria to base their decisions on.
Each CRA has its own method of calculating a credit score. The TransUnion score is out of 710, but other CRAs are likely to have a different maximum score. Most lenders also generate their own score based on the information in your credit report. A customer with a higher credit score, within the score range, is more likely to have access to a broader range of credit products. As such, being aware of the factors which affect your credit rating can be instrumental in understanding how to boost your score.
Remember, a high credit score is not a guarantee you’ll be accepted for any product that you apply for; nor does a lower score mean you’ll be turned down — as the decision is at the discretion of the financial product provider. Each organisation will have their own rules. A number of factors help make lending decisions, including the following:
- Information supplied in your application for the product
- Information on your history with credit; this is supplied by a Credit Reference Agency, such as TransUnion.
- Details about any existing credit accounts you have
- Their own policies and rules
2.2 What could affect your credit score?
Your credit score is constantly changing. Many factors affect how financially attractive you are. So, if you want to manage your credit score, learning what factors could affect it is a good place to start:
- Maintaining at least your minimum repayments on any credit you take out will help to build up a positive credit history over time. Setting up a direct debit will ensure you do not miss a payment.
- Steering clear of your credit limits will demonstrate that you’re not overly reliant on credit facilities.
- It is best practice from a fraud prevention perspective — and to minimise risk of becoming overindebted — to close any credit accounts you no longer use. If the account is particularly old, you may see an initial decline in your credit score due to the age of the oldest account dropping, but rest assured, this score factor will soon right itself when you continue to demonstrate positive repayment relationships with active accounts you still use.
- If you receive a court judgment, paying it in full within one calendar month will mark the judgment as ‘Set Aside,’ this means it will be removed entirely from your credit report. Otherwise, a judgment could remain on your credit report for six years from the date of order.
- Bankruptcies and Insolvencies (BAI) will affect your credit score and lenders will view you as a higher risk — even once your BAI has been discharged or completed. BAI will be on your credit report for six years from the date of order and in some instances, where criteria of the BAI have not been met, even longer.
- Making sure you’re on the electoral register is an easy way to boost your credit score as it is used to verify you are who you say you are and can be contacted at your address for any monies owed. Visit https://www.gov.uk/register-to-vote to register today.
2.3 What are score factors?
Score factors provide you with insight into both the positive and negative elements of your credit report that are currently influencing your credit score.
The factors you see are unique to you and your TransUnion credit report and may include insight into things such as your electoral register status, utilisation of credit and repayment history.
2.4 How are score factors generated?
Score factors are generated by assessing the latest information held on your TransUnion credit report. This is so TransUnion can provide you with a unique set of factors that relate specifically to your individual credit score.
3. About your credit report
3.2 How do I access my credit report?
3.3. What information does your credit report provide?
3.4 Why are some of my financial accounts missing from my credit report?
3.5 How does TransUnion ensure security of my data?
3.6 How long will information stay on my credit report?
3.7 My details on the electoral register are incorrect, how do I update them?
3.8 Will my credit report show I've been declined for credit?
3.9 What if there's incorrect information on my credit report?
3.1 What is a credit report?
A credit report is a factual record of your personal credit history, made up of information from different sources like banks, building societies, local authorities, and courts.
If you are over 18 years old and have a bank account or taken out a loan, credit card or mobile phone contract, then you will probably have a credit report.
Credit reports are used for many reasons such as responsible lending, anti-money laundering and fraud prevention.
It is important to check your credit report regularly to keep an eye on your financial health.
3.2 How do I access my credit report?
You can get access to copy of your statutory TransUnion credit report for free by clicking here.
3.3 What information does my credit report provide?
Think of your credit report as a kind of financial passport that includes your financial history and relevant public information.
Your CreditView credit report can show any of the following pieces of information:
- Financial account information for the last 6 years, showing both open and closed accounts.
- If you are registered on the electoral register at your current address.
- Financial connections you have or have had to any address or other names you have been known by – this also includes names of other people you have or had a financial connection with, such as a joint mortgage.
- Any Legal court details concerning settlements of money which have been registered against you, such as any judgments, insolvencies, or bankruptcies.
- Details of searches made against your credit report over the past 2 years. Searches are footprints left by organisations who have requested to see a copy of your credit report from a Credit Reference Agency.
- Cifas is the UK’s fraud prevention service. If you have taken out Protective Registration with Cifas, or you have been registered as a victim of fraud, a Cifas marker will appear on your credit report. Rest assured, this will not affect your credit score.
- Any Notices of Correction (NOC) statements you have added to your credit report to explain information on your report.
- Any Notice of Dispute markers you have raised, where you are querying the accuracy of specific information on your credit report with TransUnion.
3.4 Why are some of my financial accounts missing from my credit report?
Some types of financial account, and some circumstances for financial accounts, mean that they will not show on your credit report. These are:
- Your credit report is only concerned with your financial commitments, it will therefore not show savings accounts or current accounts without an overdraft.
- If you’re missing a financial account that is older than 15 years, it could be that you were not told at the time of opening the account that data would be shared for credit referencing purposes, so it is therefore not allowed to be shared and shown on your credit report. To change this, please contact your lender directly and speak to them about sharing your data with TransUnion.
- New financial account information may not show on your credit report due to a delay. TransUnion receives information from organisations every 4 – 6 weeks and your report is updated every 28 days. If you have recently opened an account, it could be that this information has not yet been shared by the lender for credit referencing purposes and so it could take a few weeks before the account information is showing on your credit report.
- If you have recently moved or changed your name, it is good practice to update your lenders with your new personal information. To ensure we are requesting your credit report in your new name and/or address please also make sure you update your personal information on your CreditView account.
3.5 How does TransUnion ensure the security of my data?
It's TransUnion's priority to ensure your information is held securely. All the personal data TransUnion holds is processed in accordance with strict security standards and procedures.
3.6 How long will information stay on my credit report?
Different types of information stay on your credit report for different lengths of time as follows:
- Financial account information (e.g., credit cards, mortgages, loans): Open accounts that are not in default will show up to 6 years of financial history until settled and closed, financial history older than 6 years will automatically disappear from your credit report. An account in default will show for 6 years from the date it defaulted, after which it will no longer appear on your credit report.
- Electoral register history will be visible to organisations performing a search against your credit report indefinitely as this information is used to help identify who you are. However, your TransUnion credit report will only show the most recent unbroken stretch of Electoral Register history from when it was last updated (e.g., you moved address or changed your name at your registered address).
- All previous addresses and previous names you have been connected to financially will stay on your credit report for as long as is necessary and relevant, as this information forms an important part of identifying who you are.
- The names of any people you are financially connected to will show on your credit report until you request to be disassociated from them. This can be done by raising a dispute against their name on your credit report when you no longer have any join finances such as a mortgage.
- Judgments, bankruptcies, and insolvencies show on your credit report for 6 years from the court order date, with some exceptions:
- Judgments that are paid off within 1 month from the date the order was issued will be ‘set aside’ and no longer appear on your credit report.
- A Bankruptcy Restriction Order (BRO) or a Bankruptcy Restriction Undertaking (BRU) can stay on your credit report for up to 15 years.
- An Individual Voluntary Arrangement (IVA) can stay on your credit report for up to 15 years if you do not meet the IVA criteria.
- Searches show on your credit report for 2 years.
- A Cifas marker typically stays on your credit report for as long as is necessary to protect and prevent fraud. If you have paid for protective registration to be applied to your credit report, then this will be in place for 2 years.
- A Notice of Correction statement will remain on your credit report for as long as the data item it refers to appears on your report, or until you request for it to be removed.
- A Notice of Dispute marker will remain on your credit report for up to 28 days whilst the queried information is investigated via TransUnion’s dispute process.
TransUnion adheres to data retention rules in accordance with current UK data protection regulation and is regulated by the Information Commissioner’s Office (ICO).
3.7 My details on the electoral register are incorrect, how do I update them?
Each local authority updates Credit Reference Agencies (CRAs) at different times. If the information on your credit report regarding your electoral registration is incorrect, you’ll need to raise a dispute against it on your credit report and supply us with evidence from your local authority in order to update your credit file.
Once you’ve raised a dispute, please contact the TransUnion data disputes team quoting the dispute reference number here or send a copy of your evidence to:
TransUnion Consumer Services Team,
PO BOX 647,
Unit 4,
HULL,
HU9 9QZ
3.8 Will my credit report show I’ve been declined for credit?
No. If an organisation performs a credit search against you, a record shows on your report that the search occurred, but it won’t show whether your application was accepted or rejected.
A search on your credit report will confirm:
- Which organisation performed the search
- What personal information was used to search you
- When the search was made
- Why the search was done
3.9 What if there’s incorrect information on my credit report?
If there’s information on your credit report which you believe is incorrect, please raise a dispute against it.
A Notice of Dispute (NOD) also referred to as ‘a dispute’ is raised against information within your credit report when you have notified TransUnion that it is incorrect. It means that the information is under investigation.
Disputes are free to raise, you can raise a dispute by navigating to the relevant information you would like TransUnion to investigate within your credit report and select the ‘Raise a dispute’ button. If you raise a dispute, you’ll be given a dispute reference number, and your dispute will be visible on your credit report and show as active until there is either an outcome to the dispute or 28 days has passed. TransUnion will contact you by the email linked to your account when this happens.
If TransUnion has asked you to send further documentation to support your dispute, or to get more information on a dispute outcome, please contact our data disputes team quoting the dispute reference number here.
You can find information on a dispute outcome and monitor the status of any disputes you’ve raised in the ‘Dispute Status’ tab in your CreditView account.
4. Searches on your credit file
4.1 What is a search on my credit report?
4.2 Can anyone search my report?
4.3 How long are searches kept on my credit report?
4.4 I do not recognise a search on my credit report, what should I do?
4.1 What is a search on my credit report?
A search is a footprint left behind by anyone who has requested to see a copy of your credit report from a UK Credit Reference Agency (CRA); you will see searches made against your TransUnion credit report through this service.
A search on your credit report will confirm:
- Which organisation performed the search
- What personal information was used to search you
- When the search was made
- Why the search was done
4.2 Can anyone search my report?
A search is completed by an organisation with your permission. There are many reasons why a search is run on your credit report, for example:
- to assess your creditworthiness or eligibility when you are applying for a new financial product (e.g., a credit card, mortgage, or loan)
- to complete identify or anti-fraud checks
4.3 How long are searches kept on my credit report?
Searches are not permanent and will be removed from your credit report automatically after 2 years has passed. Whilst they do not impact your TransUnion credit score, you may find that too many credit application searches in a short space of time can impact your ability to get credit.
4.4 I do not recognise a search on my credit report, what should I do?
If you see a search on your credit report that you don’t recognise, it may be from an organisation that is part of a wider business group or umbrella organisation.
For example, if you applied for an ’Argos’ store card, your search history would show a search by ’Home Retail Group’ as this is the company who would be supplying the credit.
TransUnion are not made aware of the outcome following a search or hold any further details than what is visible on your credit report. Therefore, if you’d like to know more you will need to contact the organisation who performed the search directly. If however you believe the information is inaccurate, please raise a dispute here.
5. Bankruptcies, insolvencies and judgments
5.1 How do I get judgments removed from my credit report?
5.3 How do I get a bankruptcy or insolvency removed?
5.4 How do I get a bankruptcy or an IVA marked as discharged or completed?
5.1 How do I get judgments removed from my credit report?
Most judgments are automatically removed six years after the original judgment date, with a few exceptions:
- The courts will also allow a judgment to be removed entirely when it is paid within one month and is therefore set aside by the court.
- If the judgment is not yours, in the sense that it’s not in your name at an address you have been financially known at. If this is true for you, please, you should raise a dispute against it. However, If it is in your name and at an address you’ve been known at,
- Judgments issued by a Sheriff Court (known as Decrees) will require you to supply them with evidence from the plaintiff that the debt has been paid before it will be marked as satisfied.
- Judgments included in an insolvency or bankruptcy are not automatically marked as satisfied when the insolvency or bankruptcy ends. You’ll need to contact the issuing court with evidence of the insolvency or bankruptcy ending and ask them to update their records.
5.2 How do I make sure financial account information included in a bankruptcy or insolvency is marked as satisfied and closed?
Financial account information included in a bankruptcy or insolvency will not be marked as closed and satisfied until after your bankruptcy or insolvency has been completed or discharged and the lender has been notified of this.
You can contact your lender with evidence of the bankruptcy or insolvency ending in order to mark these accounts as closed and satisfied.
5.3 How do I get a bankruptcy or insolvency removed?
Most bankruptcies and insolvencies are automatically removed from your credit report six years from the date of order with a few exceptions:
- Individual voluntary arrangement (IVA), which could remain on your credit report for longer where criteria of the IVA have not been met.
- If you’ve been found to be dishonest or to blame in your bankruptcy and are therefore placed in a bankruptcies restriction order or undertaking (BRO or BRU), your bankruptcy will be on your credit report for longer than six years.
If your bankruptcy or insolvency was annulled and therefore should be removed from your credit file before the six-year period, please raise a dispute against it on your credit report and provide TransUnion with the relevant Certificate of Annulment from the issuing court, or confirmation from the supervisor, quoting the dispute reference number here or send a copy of your evidence to:
TransUnion Consumer Services Team,
PO BOX 647,
Unit 4,
HULL,
HU9 9QZ
5.4 How do I get a bankruptcy or an IVA marked as discharged or completed??
To mark a bankruptcy as discharged, TransUnion will need to see the relevant Certificate of Discharge. For an IVA to be marked as completed, TransUnion will need written confirmation from your insolvency practitioner. In either instance, please also raise a dispute against it on your TransUnion credit report. Once you’ve raised a dispute, please contact the TransUnion data disputes team quoting the dispute reference number here or send a copy of your evidence to:
TransUnion Consumer Services Team,
PO BOX 647,
Unit 4,
HULL,
HU9 9QZ
6. Notice of Correction
6.1 What is a Notice of Correction?
6.2 How do I add a Notice of Correction?
6.1 What is a Notice of Correction?
A Notice of Correction (NOC) is a short statement you can add to your credit report for the attention of anyone who performs a search against you.
It is used to explain the circumstances behind information which is accurate. Reasons for adding a NOC can include explaining why you missed payments on an account or why you may not have a current electoral register record on your report. If information on your credit report is inaccurate, then please raise a dispute instead (see FAQ 3.9 for more information).
6.2 How do I add a Notice of Correction?
A NOC is free to add to your credit report and won’t impact your credit score. Please bear in mind however that it may mean that any credit applications you do make may take slightly longer to process as the NOC will need to be read as part of the application review process by the lender.
A NOC statement must abide by the following rules:
- Be no more than 200 words long
- It must be relevant and accurate
- It must not be trivial, rude, or libellous
- It must not blame anyone
- It cannot name any other person or company
To add a NOC to your credit report please submit your chosen wording here.
Or alternatively, you can write to TransUnion at:
TransUnion Consumer Services Team
PO BOX 647
Unit 4
HULL
HU9 9QZ
Please note that if you add a NOC to your TransUnion credit report, you will also need to contact the other UK Credit Reference Agencies - Experian and Equifax - separately to also add your NOC to the versions of your credit report they hold on you.
7. Notice of disassociation
7.1 What is a financial associate?
7.2 How can I remove a financial association?
7.1 What is a financial associate?
A financial associate is the name of an individual you have, or have had, a financial connection with. They appear on your credit report until you request to be disassociated from them.
7.2 How can I remove financial association?
You can remove a financial association from your credit report by raising a dispute when you no longer have any joint finances, such as a mortgage.