As new research reveals apathy over credit scores, Equifax analysis shows that those living in Wales have an average score of 379

As new research reveals apathy over credit scores, Equifax analysis shows that those living in the South West have the highest average Equifax Credit Score

www.equifax.co.uk

• South West residents have the highest average Equifax Credit Score of 403
• Those living in the North East have the lowest average Equifax Credit Score of 371
• Over half (57%) of Brits have never checked their credit score
• 63% of East Midlands residents have never checked their credit score, the highest of any region
• Although Londoners have one of the lower average scores, they are  the most content, with a third of the region saying they are happy with their credit score
• Residents in the East of England are the unhappiest region with their score
• An Equifax Credit Score of  467+ is in the highest band and considered excellent

London, February 2019 – The festive season is the time of year when consumers may have spent a little more than they intended, prompting many to head into the first few months of the new year with plans to bring finances into line.  Understanding their credit score can help consumers get to grips with their finances, however the latest research from Equifax reveals that over half of Brits have never checked their credit score with a credit reference agency.[1]

Londoners are most content with their credit scores, with a third (33%) saying they were happy the last time they checked, closely followed by the South East (31%) and the South West (28%.)  Those living in the East of England are the unhappiest, with 11% saying they were not impressed the last time their checked their score. 1 in 10 of those living in the North West came in a close second when it comes to being unhappy with their credit score.

However, Equifax analysis of average credit scores across the UK[2] seems to suggest a disconnect between consumers’ level of happiness or unhappiness with their credit score and their actual score.

Average Equifax Credit Scores by Region

This new infographic from Equifax can show individual’s how their area’s Equifax Credit Score compares with the rest of the UK.

“It is clear from our latest research that a significant number of individuals have never checked their credit score, which means that are not putting themselves in the best position when it comes to applying for credit” said Lisa Hardstaff, credit information expert at Equifax. “Not only should people get to grips with their credit scores, but they should also check their credit reports to understand what information is influencing their score.

“The new year is always a time for new plans and potentially new financial applications. If individuals are planning on making an application for credit, they should check their credit report and score in advance. The credit report will give a record of their borrowing history, which could help them decide whether they need to improve or keep up their borrowing habits. And knowing their score and what range it falls in can help to give an indication of how lenders may view their creditworthiness.”

Note: Full details of the Equifax Credit Score Bandings can be found below[i]