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What is the difference between a credit score and a credit rating?

What is a credit score?

We give you a credit score between 0-999, with 999 being the best possible score. It is calculated using your Experian Credit Report, based on how you manage your finances and how much credit history you have from the UK over the past 6 years.

What is a credit rating?

Experian CreditExpert doesn’t give you a credit rating. This is essentially a different word used to describe a numbering system, designed to give you an idea of how you ‘rate’ on a scale, and therefore how likely you are to be accepted for a credit application. Other credit reference agencies such as CallCredit or Equifax might give you a credit rating.

So, what is the difference?

Each bank and financial institution uses your credit report information to calculate their own score or rating for those that apply for their credit card, loan or mortgage products, for example. They also might have different scoring models for different credit products. This information is confidential to the individual bank and it is not something we, or you, can know. However, we are constantly researching what sort of credit applications get accepted and what sort do not, to give you as accurate an idea as possible as to whether you’re likely to get your application for that credit card or mortgage accepted or not.