Which credit reference agencies do lenders use?

When you ask for a loan or credit card, amongst other factors, lenders will look at your credit report to decide if they'll say yes.

Your credit report is put together by a credit reference agency who receives information from your creditors about you. Let's explore how this works and why it matters to you!

What is a credit report?

In the UK, there are three main credit reference agencies (CRAs) who track your money habits - Equifax, Experian and TransUnion. They collect details about how you handle money and create a credit score for you. Lenders check this score when you apply for credit.

But here's something important to know - each company scores differently:

• Equifax scores from 0 - 1,000
• Experian scores from 0 - 999
• TransUnion scores from 0 - 850

This means you might have a ‘good’ score with one company but only a ‘fair’ score with another!

Why your score matters

Your credit score affects whether you get approved for a number of things, including:

• Credit cards
• Loans
• Phone contracts
• Mortgages

If your score is low, you might:

• Get charged higher interest rates
• Have your application turned down

That's why you should check your credit report before applying for any financial products.

How to check your score for free

You can check your credit for free using the following sources:

• Equifax partners with CredAbility to give you free access to your score and full report
• Experian offers free scores through their website
• TransUnion works with Totally Money for free score access

Which lenders use which agencies?

Knowing which agency your lender checks could help you choose where to apply:

Which credit agencies do banks use?

Banks check your credit report when you open an account to see how you handle your finances.

Banks and Building Societies	Experian	Equifax	TransUnion
Danske Bank	✓
First Direct	✓	✓	✓
Halifax	✓	✓	✓
HSBC	✓	✓	✓
Lloyds	✓	✓	✓
MBNA	✓	✓	✓
Monzo	✓	✓
Nationwide	✓	✓	✓
NatWest	✓	✓	✓
Post Office	✓
Revolut	✓	✓	✓
Royal Bank of Scotland	✓	✓	✓
Sainsbury's Bank	✓	✓	✓
Santander	✓	✓	✓
Starling Bank	✓	✓	✓
TSB	✓	✓	✓
Ulster Bank	✓	✓	✓
Virgin Money	✓	✓	✓
Yorkshire Building Society	✓	✓	✓

Which credit agencies do mortgage lenders use?

Buying a home? Mortgage lenders will carefully review your credit history.

Which credit agencies do phone providers use?

Phone companies check your credit before giving you a contract.

Which lenders use Experian only?

From the above tables, you can see that some lenders only use Experian. These are:

• Danske Bank
• Monzo
• Post Office
• Tesco Mobile

Which report is most accurate?

All three agencies should show correct information about you.

If something is wrong on any report (like an account you don't recognise or an incorrect address), it could hurt your chances of getting credit. If you notice an inaccuracy, you can log it with the CRA, or speak to the associated company.

If all the information is correct but you're still having trouble, you might have a ‘thin credit history’ - which means you either haven't borrowed money before, or there isn’t enough information on record to assess you.

It's worth checking all three reports to make sure everything is accurate. Some credit monitoring services (like CredAbility) will also suggest products you are more likely to be accepted for, which can reduce unnecessary declines and damage to your credit score.

This way, you can apply with confidence and hopefully be accepted for the products you need.

Disclaimer: This information hasn't been officially confirmed by lenders. It was sourced from a CreditLadder article published in September 2021. For more details on which credit reference agencies your lender uses, please check with them directly.