A good credit score can be a very valuable asset due to the way it can help you access finance when you need it the most. If you are relocating to the US, you may be wondering if there is any difference between a credit score in the UK and the United States. You may also have questions if you are moving in the other direction.
In the past, it was harder for people moving to the US to apply for credit once they arrived there. You can now use an international credit bureau that will help you make applications with your UK credit history. Many things once made it difficult for information about credit to be shared across borders. People even experienced problems when their credit reporting agencies operated both in the UK and the US.
Which scoring system is the most popular in the US?
In the US, a FICO score is normally used to make decisions on whether to lend to people.
Every adult in the US with a financial history has a FICO score. It’s said that FICO scores are used to make more than nine out of ten decisions about lending in the US.
Is FICO used in the UK?
FICO is an American company that doesn’t have such a big presence in the UK. It dominates the market in the US. A FICO score is seen as a universal score often based on data from a number of credit reference agencies. In the UK, there isn’t a universal score.
Someone’s score can vary from one reporting bureau to another.
How can a good credit score help me if I move to the US?
A good credit score can help you if you want to make the best possible start to life in the US.
It can help you open a bank account, get a credit card, loan or phone contract.
What are the main credit bureaus in the UK and US?
TransUnion, Experian and Equifax are all major credit bureaus in the UK and US.
Many people think their credit history is transferred to the United States automatically once they make the big move across the water. However, this is not the case.
There are many reasons why your credit history might not be transferred…
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