Research reveals average credit score in Wales is 5 points lower then the national average

Research reveals that Wales has a lower average credit score than the rest of the UK, while those living in the Eastern Central London postcode (EC) have the highest average credit scores in the UK, according to the UK’s leading price comparison site MoneySuperMarket.

Analysis of over 200,000 credit reports from MoneySuperMarket’s Credit Monitor reveals that those in the EC area have the highest average credit score at 583 out of a possible 710 points – 21 points higher than the UK average, while ·the average credit score rating in Wales is just  557.

According to the MoneySuperMarket data, Swansea averages at just 554, considerably lower the national average of 562, while the Surrey town of Guildford has the second highest average score across the UK – 13 points higher than the average score in London (565).

However, Welsh residents compare favourably to those in the north of England and parts of Scotland who have some of the lowest credit scores in the country. Sunderland (548), Wolverhampton (549) and Kilmarnock (550) are the three lowest scoring postcodes.

Sally Francis-Miles, money spokesperson at MoneySuperMarket, commented:

“Although your credit score isn’t directly impacted by where you live, our research shows those with an EC postcode are the top credit scorers in the UK and are therefore likely to be most highly rated by lenders.

“What will strengthen your credit score is making sure you are registered on the electoral roll – it’s easy to do too. Using a credit card can also help. It doesn’t automatically improve your credit rating, but if you repay the balance in full every month, it shows lenders that you are reliable and credit worthy.

“Additionally, free-to-use monitoring services, such as MoneySuperMarket’s Credit Monitor, offer personalised tips to help increase your credit rating.”

MoneySuperMarket’s top tips for improving your credit rating include:

• Debt repayments – keep on top of repayments for loans, mortgages and credit cards
• Avoid multiple credit cards – having credit cards that are no longer used can have a negative impact on your credit score
• Ensure a sensible use of credit – try not to use a high proportion of the available limit to avoid appearing over-reliant on credit

For more information, visit https://www.moneysupermarket.com/credit-monitor/credit-score-capital/