TransUnion, one of the three main credit reference agencies in the UK, will begin rolling out a new credit scoring system later this month. The updated system will rate individuals out of 999, a change from its previous top score of 710.
The company stated that while tens of thousands of people may see their score banding improve, others could see a drop. However, TransUnion confirmed that the underlying information on an individual's credit file, which lenders use for decisions, will remain the same. This means credit decisions and approvals will not be impacted.
TransUnion described the overhaul as providing a "clearer and more detailed view of their credit health," drawing on more data, including changes in account balances over time and credit card usage. The new system will be implemented in stages from late September through to June 2027.