Experian, Equifax and TransUnion: Why You Have Three Different Scores

If you've been watching mortgage rates over the past few months, you know the direction matters as much as the number itself. Right now, rates are climbing again, and for first-time buyers trying to work out whether to wait or push forward with a purchase, the timing feels uncertain and stressful. The good news? You're not powerless here. Understanding what's driving these changes and what your real options are can help you make a decision that's right for your situation, not just chasing the market.

What's Happened to Mortgage Rates This Year?

Since the start of 2026, UK mortgage rates have been climbing steadily. In March, average rates climbed above 5% for the first time in seven months, and they're now hovering near 5.5%. That might not sound like a massive jump, but on a £200,000 mortgage, the difference between 4.5% and 5.5% adds up to hundreds of pounds extra each year.

Right now, competitive deals include Nationwide's 2-year fixed rate at 4.71% (available at 60% loan-to-value with a £999 fee) and Coventry Building Society's 5.06% 2-year fixed at 65% LTV with the same fee. Foundation is even cutting rates on some products by 20-25 basis points, though rates remain elevated compared to earlier in 2025.

The difference between today's rates and what you locked in six months ago could mean £3,000 to £5,000 extra per year.

Why Are Rates Rising Now?

The short answer: the Middle East conflict is making financial markets nervous. When there's geopolitical uncertainty, investors pull back, central banks stay cautious about cutting interest rates, and mortgage lenders respond by raising their rates to protect themselves.

This uncertainty means rate forecasts are harder to pin down than they've been in months. One week you hear positive noises about peace negotiations, the pound climbs toward £1.36 (its strongest level since mid-February), and you think rates might stabilise. The next week, headlines shift and the opposite happens.

The good news? UK house prices are starting to fall slightly, which takes some pressure off the affordability equation. But rising mortgage rates still make those cheaper houses harder to afford because your monthly payments climb.

Should First-Time Buyers Wait or Act Now?

This is the question everyone's asking, and the honest answer is: it depends on your personal situation, not the market forecast.

If you're six months away from having your deposit saved, waiting might make sense. Rates could drop once geopolitical tensions ease, though nobody can guarantee that. But if you're ready now, or you'll be ready within the next month or two, waiting becomes much riskier. Rates could keep climbing. You also lose potential equity growth on your future home, and you stay paying rent instead of building mortgage equity.

Waiting for the perfect rate is a myth. The best time to buy is when you're financially ready and emotionally prepared.

Instead of trying to time the market, focus on what you can control: getting your finances in the strongest possible shape so you qualify for the best available rates when you're ready to move.

What Do Rising Rates Mean for Your Mortgage Qualification?

Banks are tightening their affordability checks as rates rise. You might have qualified for a £280,000 mortgage at 4.5%, but at 5.5%, the same lender might only approve £250,000.

First-time buyers also face higher deposit requirements now. Most lenders want to see a 5-10% deposit, with better rates available at 15%. If you're scraping together 5%, you're paying a higher interest rate, plus paying mortgage insurance on top.

This is where your financial preparation makes a real difference. Coming to a mortgage conversation with a clean credit file, proof of stable income, and a solid savings record makes you far more attractive to lenders, even when rates are climbing.

How Much Deposit Do You Actually Need Right Now?

Let's be direct: 15% is the sweet spot if you can manage it. At 15% deposit, you get meaningfully better interest rates, you avoid paying mortgage insurance, and you're perceived as less risky by lenders. On a £300,000 property, that's £45,000.

If 15% is out of reach, 10% is the next goal. This typically allows you to access reasonable rates without the worst mortgage insurance penalties. Many first-time buyer schemes still apply at 5%, but be realistic about the total cost.

Every percentage point of deposit you save now directly translates to lower monthly payments and less total interest over 25 years.

What About Falling House Prices?

This is actually working in your favour right now. House prices are starting to drift downwards as people delay purchases waiting for rates to fall. That £350,000 property might be £340,000 next quarter.

But remember: you're a buyer, not an investor. A 3% fall in house prices is offset if mortgage rates climb another 0.5%. You save money on the purchase price but lose it in higher monthly payments. For a first-time buyer focused on having a home, not on speculation, the monthly payment is what matters most.

Falling prices do help your deposit go further though. If you're £10,000 short of your 15% goal, and prices drop 5%, suddenly that gap narrows.

Getting the Best Deal in Today's Market

With rates volatile and lenders tightening criteria, how you present yourself matters enormously. Here's what actually works:

  • Get a mortgage in principle from multiple lenders, not just one bank. Compare rates and conditions.

  • Fix your rate as soon as you're close to ready. Rates change daily.

  • Be honest about your finances. Overstating income or hiding debt will destroy your application.

  • Use a mortgage broker if you're struggling to navigate options.

  • Consider a longer fixed period. A 5-year fix at 5.2% protects you if rates keep rising.

The cheapest mortgage rate is worthless if you can't actually get approved for it.

Where Mona Fits

Mona is your coach through this process, not your broker. She helps you understand how mortgages work, what rates actually mean for your monthly payments, and how to plan your savings and timeline strategically. She can explain why your deposit matters, how affordability checks work, and what questions to ask your lender.

What Mona doesn't do: arrange mortgages, give regulated financial advice, or recommend specific lenders or products. Those decisions are between you, a qualified mortgage advisor, and the lenders themselves.

The Bottom Line

Mortgage rates are rising because of global uncertainty, not because of anything you did wrong. You can't control geopolitics, but you can control your deposit, your credit score, and how prepared you are when you walk into a lender's office. Focus on readiness, not timing. The market will do what it does. Your job is to be ready when the right property comes along.

Start with Mona today.

Information correct as of 16 April 2026. For regulated financial guidance, visit MoneyHelper.org.uk.Your credit score isn’t one number - you have three, and they’re probably different. Here’s why that happens, which one matters most, and how to check them all for free.

What are Experian, Equifax and TransUnion?

These three companies are credit reference agencies. They collect and store information about your borrowing history - how much you’ve borrowed, whether you’ve paid on time, and how much of your available credit you’re using. Banks, building societies, lenders and utility companies share this data with them. When a lender wants to assess your creditworthiness, they ask one or more of these agencies for a report.

It sounds straightforward, but here’s the catch: they operate independently, they hold different information, and they use different formulas to calculate your score.

Why do my three scores show different numbers?

The differences are real, and they exist for three main reasons.

First, they don’t all hold the same data. Not every lender reports to all three agencies. A credit card company might report to Experian and Equifax but not TransUnion. Your mortgage lender might report to all three. This means each agency’s file on you contains slightly different information.

Second, they use different algorithms to calculate your score. Experian scores you between 0 and 999, Equifax between 0 and 700, and TransUnion between 0 and 710. The weightings they give to different factors - payment history, credit utilisation, length of credit history - are different too. So even if they had identical data, your scores would still be different.

Third, timing matters. Lenders report data at different times, and agencies update their files on different schedules. You might have recently missed a payment that’s hit one agency’s database but not yet appeared on another.

Which agencies do lenders actually use?

This varies. Most large banks and mortgage lenders use multiple agencies, often all three. Some smaller lenders or specialist credit providers might rely on just one. The reality is you don’t always know which agency a lender will check until you apply.

Mortgages tend to trigger checks at all three. Credit card companies often use two or all three. Mobile phone contracts, utility providers and store cards might check any one of them. Car finance lenders vary - some check all three, others focus on one.

The safest assumption is that you need to be in good standing across all three agencies.

How do I check all three scores for free?

Each agency offers free access to your credit report and score, though the free version comes with a catch - you usually get a limited view or have to cancel a trial subscription.

Experian offers a free trial through Experian.co.uk. You get your score and full report, but to keep access beyond the trial period you’ll need to subscribe (around £3.99 per month). Equifax provides free access to your report at Equifax.co.uk, plus a free score check once per year, with paid subscriptions available for ongoing monitoring. TransUnion offers a free monthly check at TransUnion.co.uk with no subscription required - this is the most straightforward free option.

Alternatively, you can use Clearscore.com, which pulls your Equifax score and report for free and shows credit-building tips. Or Moneydashboard.com, which displays Experian data.

Should I worry if one score is much lower than the others?

A significant gap between scores isn’t unusual. If one is notably lower, it’s probably because that agency has more negative information about you - perhaps a missed payment or default that hasn’t yet been reported to the others.

Check your full credit reports (not just the score) at each agency. Look for entries that shouldn’t be there, or old defaults that should have dropped off. Mistakes do happen. If you spot an error, you can dispute it with the agency and they’re obliged to investigate within 30 days.

Which score should I focus on?

Ideally, you want all three to be strong. But if you’re planning a major application - a mortgage, for example - it’s worth checking which agency that lender typically uses and making sure that score is as healthy as possible.

In practice, the habits that build one score will build them all: pay bills on time, keep credit utilisation below 30%, don’t apply for credit you don’t need, and register on the electoral roll at your current address.

Common myths about multiple credit scores

You might have read that lenders have their own secret scoring systems and that the scores agencies show you are meaningless. There’s a grain of truth here. Lenders do apply their own scoring on top of agency data. But the agency scores aren’t pointless - they’re a reliable indicator of your creditworthiness and how lenders are likely to see you.

Another myth: checking your own score damages it. False. Checking your own credit report is a "soft search" that doesn’t appear to lenders and has no impact. Only "hard searches" - when a lender checks your file as part of an application - can temporarily affect your score.

And no, having three scores means lenders see three different versions of you. Lenders see the same underlying payment history and credit behaviour across all three agencies, even if the scores are different numbers.

Where Mona Fits

Understanding your credit score across all three agencies helps you build better financial health - and Mona can help you move towards that. By showing you real-time insights into your credit usage and suggesting small, achievable ways to improve, Mona makes credit-building less like checking your score and more like actually improving it.

The Bottom Line

You have three credit scores because three agencies hold different data and use different formulas. None is "wrong", but lenders use all three to assess you, so it’s worth checking all three free reports. If one score is notably lower, investigate why. The habits that build one score build them all - consistent on-time payments and low credit use matter everywhere.

Start by checking your free reports at TransUnion, Equifax and Experian today. Then focus on the fundamentals: pay on time, every time.

For more information on credit reports and scores, visit MoneyHelper.org.uk

Join Mona’s early access waitlist

Join the waitlist

All articles

Experian, Equifax and TransUnion: Why You Have Three Different Scores

If you've been watching mortgage rates over the past few months, you know the direction matters as much as the number itself. Right now, rates are climbing again, and for first-time buyers trying to work out whether to wait or push forward with a purchase, the timing feels uncertain and stressful. The good news? You're not powerless here. Understanding what's driving these changes and what your real options are can help you make a decision that's right for your situation, not just chasing the market.

What's Happened to Mortgage Rates This Year?

Since the start of 2026, UK mortgage rates have been climbing steadily. In March, average rates climbed above 5% for the first time in seven months, and they're now hovering near 5.5%. That might not sound like a massive jump, but on a £200,000 mortgage, the difference between 4.5% and 5.5% adds up to hundreds of pounds extra each year.

Right now, competitive deals include Nationwide's 2-year fixed rate at 4.71% (available at 60% loan-to-value with a £999 fee) and Coventry Building Society's 5.06% 2-year fixed at 65% LTV with the same fee. Foundation is even cutting rates on some products by 20-25 basis points, though rates remain elevated compared to earlier in 2025.

The difference between today's rates and what you locked in six months ago could mean £3,000 to £5,000 extra per year.

Why Are Rates Rising Now?

The short answer: the Middle East conflict is making financial markets nervous. When there's geopolitical uncertainty, investors pull back, central banks stay cautious about cutting interest rates, and mortgage lenders respond by raising their rates to protect themselves.

This uncertainty means rate forecasts are harder to pin down than they've been in months. One week you hear positive noises about peace negotiations, the pound climbs toward £1.36 (its strongest level since mid-February), and you think rates might stabilise. The next week, headlines shift and the opposite happens.

The good news? UK house prices are starting to fall slightly, which takes some pressure off the affordability equation. But rising mortgage rates still make those cheaper houses harder to afford because your monthly payments climb.

Should First-Time Buyers Wait or Act Now?

This is the question everyone's asking, and the honest answer is: it depends on your personal situation, not the market forecast.

If you're six months away from having your deposit saved, waiting might make sense. Rates could drop once geopolitical tensions ease, though nobody can guarantee that. But if you're ready now, or you'll be ready within the next month or two, waiting becomes much riskier. Rates could keep climbing. You also lose potential equity growth on your future home, and you stay paying rent instead of building mortgage equity.

Waiting for the perfect rate is a myth. The best time to buy is when you're financially ready and emotionally prepared.

Instead of trying to time the market, focus on what you can control: getting your finances in the strongest possible shape so you qualify for the best available rates when you're ready to move.

What Do Rising Rates Mean for Your Mortgage Qualification?

Banks are tightening their affordability checks as rates rise. You might have qualified for a £280,000 mortgage at 4.5%, but at 5.5%, the same lender might only approve £250,000.

First-time buyers also face higher deposit requirements now. Most lenders want to see a 5-10% deposit, with better rates available at 15%. If you're scraping together 5%, you're paying a higher interest rate, plus paying mortgage insurance on top.

This is where your financial preparation makes a real difference. Coming to a mortgage conversation with a clean credit file, proof of stable income, and a solid savings record makes you far more attractive to lenders, even when rates are climbing.

How Much Deposit Do You Actually Need Right Now?

Let's be direct: 15% is the sweet spot if you can manage it. At 15% deposit, you get meaningfully better interest rates, you avoid paying mortgage insurance, and you're perceived as less risky by lenders. On a £300,000 property, that's £45,000.

If 15% is out of reach, 10% is the next goal. This typically allows you to access reasonable rates without the worst mortgage insurance penalties. Many first-time buyer schemes still apply at 5%, but be realistic about the total cost.

Every percentage point of deposit you save now directly translates to lower monthly payments and less total interest over 25 years.

What About Falling House Prices?

This is actually working in your favour right now. House prices are starting to drift downwards as people delay purchases waiting for rates to fall. That £350,000 property might be £340,000 next quarter.

But remember: you're a buyer, not an investor. A 3% fall in house prices is offset if mortgage rates climb another 0.5%. You save money on the purchase price but lose it in higher monthly payments. For a first-time buyer focused on having a home, not on speculation, the monthly payment is what matters most.

Falling prices do help your deposit go further though. If you're £10,000 short of your 15% goal, and prices drop 5%, suddenly that gap narrows.

Getting the Best Deal in Today's Market

With rates volatile and lenders tightening criteria, how you present yourself matters enormously. Here's what actually works:

  • Get a mortgage in principle from multiple lenders, not just one bank. Compare rates and conditions.

  • Fix your rate as soon as you're close to ready. Rates change daily.

  • Be honest about your finances. Overstating income or hiding debt will destroy your application.

  • Use a mortgage broker if you're struggling to navigate options.

  • Consider a longer fixed period. A 5-year fix at 5.2% protects you if rates keep rising.

The cheapest mortgage rate is worthless if you can't actually get approved for it.

Where Mona Fits

Mona is your coach through this process, not your broker. She helps you understand how mortgages work, what rates actually mean for your monthly payments, and how to plan your savings and timeline strategically. She can explain why your deposit matters, how affordability checks work, and what questions to ask your lender.

What Mona doesn't do: arrange mortgages, give regulated financial advice, or recommend specific lenders or products. Those decisions are between you, a qualified mortgage advisor, and the lenders themselves.

The Bottom Line

Mortgage rates are rising because of global uncertainty, not because of anything you did wrong. You can't control geopolitics, but you can control your deposit, your credit score, and how prepared you are when you walk into a lender's office. Focus on readiness, not timing. The market will do what it does. Your job is to be ready when the right property comes along.

Start with Mona today.

Information correct as of 16 April 2026. For regulated financial guidance, visit MoneyHelper.org.uk.Your credit score isn’t one number - you have three, and they’re probably different. Here’s why that happens, which one matters most, and how to check them all for free.

What are Experian, Equifax and TransUnion?

These three companies are credit reference agencies. They collect and store information about your borrowing history - how much you’ve borrowed, whether you’ve paid on time, and how much of your available credit you’re using. Banks, building societies, lenders and utility companies share this data with them. When a lender wants to assess your creditworthiness, they ask one or more of these agencies for a report.

It sounds straightforward, but here’s the catch: they operate independently, they hold different information, and they use different formulas to calculate your score.

Why do my three scores show different numbers?

The differences are real, and they exist for three main reasons.

First, they don’t all hold the same data. Not every lender reports to all three agencies. A credit card company might report to Experian and Equifax but not TransUnion. Your mortgage lender might report to all three. This means each agency’s file on you contains slightly different information.

Second, they use different algorithms to calculate your score. Experian scores you between 0 and 999, Equifax between 0 and 700, and TransUnion between 0 and 710. The weightings they give to different factors - payment history, credit utilisation, length of credit history - are different too. So even if they had identical data, your scores would still be different.

Third, timing matters. Lenders report data at different times, and agencies update their files on different schedules. You might have recently missed a payment that’s hit one agency’s database but not yet appeared on another.

Which agencies do lenders actually use?

This varies. Most large banks and mortgage lenders use multiple agencies, often all three. Some smaller lenders or specialist credit providers might rely on just one. The reality is you don’t always know which agency a lender will check until you apply.

Mortgages tend to trigger checks at all three. Credit card companies often use two or all three. Mobile phone contracts, utility providers and store cards might check any one of them. Car finance lenders vary - some check all three, others focus on one.

The safest assumption is that you need to be in good standing across all three agencies.

How do I check all three scores for free?

Each agency offers free access to your credit report and score, though the free version comes with a catch - you usually get a limited view or have to cancel a trial subscription.

Experian offers a free trial through Experian.co.uk. You get your score and full report, but to keep access beyond the trial period you’ll need to subscribe (around £3.99 per month). Equifax provides free access to your report at Equifax.co.uk, plus a free score check once per year, with paid subscriptions available for ongoing monitoring. TransUnion offers a free monthly check at TransUnion.co.uk with no subscription required - this is the most straightforward free option.

Alternatively, you can use Clearscore.com, which pulls your Equifax score and report for free and shows credit-building tips. Or Moneydashboard.com, which displays Experian data.

Should I worry if one score is much lower than the others?

A significant gap between scores isn’t unusual. If one is notably lower, it’s probably because that agency has more negative information about you - perhaps a missed payment or default that hasn’t yet been reported to the others.

Check your full credit reports (not just the score) at each agency. Look for entries that shouldn’t be there, or old defaults that should have dropped off. Mistakes do happen. If you spot an error, you can dispute it with the agency and they’re obliged to investigate within 30 days.

Which score should I focus on?

Ideally, you want all three to be strong. But if you’re planning a major application - a mortgage, for example - it’s worth checking which agency that lender typically uses and making sure that score is as healthy as possible.

In practice, the habits that build one score will build them all: pay bills on time, keep credit utilisation below 30%, don’t apply for credit you don’t need, and register on the electoral roll at your current address.

Common myths about multiple credit scores

You might have read that lenders have their own secret scoring systems and that the scores agencies show you are meaningless. There’s a grain of truth here. Lenders do apply their own scoring on top of agency data. But the agency scores aren’t pointless - they’re a reliable indicator of your creditworthiness and how lenders are likely to see you.

Another myth: checking your own score damages it. False. Checking your own credit report is a "soft search" that doesn’t appear to lenders and has no impact. Only "hard searches" - when a lender checks your file as part of an application - can temporarily affect your score.

And no, having three scores means lenders see three different versions of you. Lenders see the same underlying payment history and credit behaviour across all three agencies, even if the scores are different numbers.

Where Mona Fits

Understanding your credit score across all three agencies helps you build better financial health - and Mona can help you move towards that. By showing you real-time insights into your credit usage and suggesting small, achievable ways to improve, Mona makes credit-building less like checking your score and more like actually improving it.

The Bottom Line

You have three credit scores because three agencies hold different data and use different formulas. None is "wrong", but lenders use all three to assess you, so it’s worth checking all three free reports. If one score is notably lower, investigate why. The habits that build one score build them all - consistent on-time payments and low credit use matter everywhere.

Start by checking your free reports at TransUnion, Equifax and Experian today. Then focus on the fundamentals: pay on time, every time.

For more information on credit reports and scores, visit MoneyHelper.org.uk

Join Mona’s early access waitlist

Join the waitlist

All articles