When applying for a mortgage, one of the biggest factors that lenders consider is your credit report and credit score. But here’s the catch—not all credit scores are the same, and what you see on a credit checking app might be completely different from what your mortgage lender sees.
Many people get caught off guard when they apply for a mortgage because they assume the credit score they’ve checked is the same one the lender will use. However, mortgage lenders often use specialist scoring models that aren’t available through free credit check services.
This blog will break down the key differences between Experian, Equifax, and TransUnion, explain how mortgage lenders assess your credit, and why using a full credit report service like Check My File can help you get a clearer picture before you apply.
The Three Major Credit Bureaus: Experian, Equifax, and TransUnion
There are three main credit reference agencies in the UK, and each one calculates your credit score differently:
✔ Experian – Scores range from 0 to 999 and are widely used by high street lenders.
✔ Equifax – Uses a scale from 0 to 1000 and is commonly used by banks and financial institutions.
✔ TransUnion – Previously known as Callcredit, their scores range from 0 to 710.
Since each credit bureau has slightly different information on you, depending on which lenders report to them—your score can vary between agencies.
This is why checking your credit with just one bureau might not give you the full picture. A multi-agency report, combines data from all three, giving you a better idea of what lenders might see when assessing your mortgage application.
What Credit Score Do Mortgage Lenders Use?
Mortgage lenders don’t just use the credit score you see on an app—they rely on specialist versions of FICO Scores that are designed specifically for mortgage lending.
Here’s how it works:
🔹 The FICO Score is one of the most commonly used credit scoring systems worldwide. However, mortgage lenders use older versions of FICO Scores because they align with government-backed lending standards.
🔹 These mortgage-specific FICO Scores are slightly different for each credit bureau:
- FICO Score 2 – Used by Experian
- FICO Score 5 – Used by Equifax
- FICO Score 4 – Used by TransUnion
🔹 Lenders typically receive a tri-merge report, which includes all three FICO Scores. They then use the middle score to assess your application. If you’re applying with a partner, they may use the lower middle score between both applicants.
The reason lenders use these older FICO Scores is because they’ve been tested over time and provide a consistent way to assess risk. However, in 2025, mortgage lenders will start using newer scoring models (FICO 10T and Vantage Score 4.0), which could change how credit is evaluated.
What Credit Score Do You Need to Get a Mortgage?
There’s no single “magic number” that guarantees mortgage approval because different lenders have different requirements.
🏡 High street banks generally require a higher credit score, as they prefer lower-risk borrowers. If your credit score is strong, you might qualify for the best interest rates and mortgage deals.
🏡 Specialist lenders are more flexible and work with people who may have had credit issues in the past. They might accept lower credit scores but could charge higher interest rates or require a larger deposit.
This is where Clever Mortgages can make all the difference. We have access to both high street and specialist lenders, meaning we know exactly where to place your application based on your credit profile. If your credit score isn’t perfect, we can help you find a lender who is more likely to approve your application.
What Else Do Mortgage Lenders Look At?
Your credit score is important, but it’s not the only thing that matters. Lenders also consider:
✔ Credit History – Have you had any late payments, defaults, or bankruptcies?
✔ Employment & Income – Do you have a stable job and enough income to afford the mortgage?
✔ Debt-to-Income Ratio (DTI) – How much of your monthly income goes toward debt repayments?
✔ Deposit Amount – A larger deposit can sometimes compensate for a lower credit score.
Even if your credit score isn’t perfect, other strong financial factors can improve your chances of getting a mortgage.
How to Improve Your Credit Score Before Applying for a Mortgage
If you want to increase your chances of getting a mortgage with a good interest rate, here are some key steps you can take:
✔ Pay all your bills on time – Even one missed payment can lower your score.
✔ Reduce your credit card balances – Aim to use less than 30% of your available credit.
✔ Check for errors on your credit report – Dispute any incorrect information.
✔ Avoid taking on new credit – New applications can temporarily lower your score.
✔ Register on the electoral roll – This helps verify your identity and improve your score.
Using a full credit report service like Check My File can help you identify any issues and improve your credit before applying for a mortgage.
Final Thoughts: Why Checking Your Full Credit Report Matters
When applying for a mortgage, not all credit scores are the same, and different lenders rely on different credit bureaus. Free credit score services may not reflect what your mortgage lender sees, which is why checking a full multi-agency report can be crucial.
By reviewing all three credit bureaus, you can:
✔ Spot and correct any errors before applying.
✔ Understand which bureau has the most up-to-date information on you.
✔ Improve your credit standing before submitting your mortgage application.
If you’re unsure where you stand, Clever Mortgages can help assess your credit report. We specialise in helping clients understand their credit reports and find the right mortgage deal—no matter their situation.
