New guidelines should provide homeownership opportunities for certain consumer segments with thin credit files and open up product options, lenders said.

Private mortgage insurance companies still require a minimum 600 or 620 middle credit score for borrowers putting less than 20% down.

The changes will see Experian offer a more detailed view of information on credit reports and ways to improve scores.

More than 40% of people are set to drop down a score banding after the changes, but Experian said it will not affect lending eligibility.

More than 40 per cent of people (44%) are set to drop down a score banding after the changes being introduced by Experian.