How is my credit score so low?

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  • babyfruitella
    babyfruitella Posts: 983 Forumite
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    Experian are a load of rubbish. My husbands credit score is 999. Trust me, there is no way on THIS earth he has a credit score that good!
    COMP WINS FOR HUBBY & I SINCE SEPTEMBER:
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  • Stuckon100forever
    Stuckon100forever Posts: 58 Forumite
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    Thinks its so funny when a Company Representative comes on to these forums...

    THEY ALWAYS CAUSE MORE HARM THAN GOOD :rotfl:

    I do actually think that a universal public Scoring system would be good but only if the lending companies themselves somehow set it up because I wouldn't trust the Government nor CRA's. It would have to be free of course, but I think there is definitely a clearer need for a scoring system of some sort. Although it would certainly half the number of posts on MSE :eek:


    (Gonna put the Don't bother buying the Experian Score its Worthless in my signature to help hammer home the point and stop people wasting money.)
  • Experian_company_representative
    Experian_company_representative Posts: 2,134 Organisation Representative
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    izools wrote: »
    The other vital fact you ignored is that your score doesn't take into account the following information:

    • Residential status
    • Employment status
    • Time with employer
    • Time at bank
    • Time at address
    • No. of dependents
    • Income
    • Expenditure
    Name me one creditor who doesn't take this information into account when assessing a customers ability to handle the credit they are applying for. One.

    Bet you £1,000,000 that you can't!

    Edit: @ James / Experian: Comments?

    None of this information is held on your credit report, so the Experian Credit Score doesn't cover this. Nor does it cover information in the names of any financial associates. But it does provide a general assessment of the data you can see on your own report, which is what I said. It's a guide and people tell us they find it useful.

    James
    “Official Company Representative
    I am an official company representative of Experian. MSE has given permission for me to post in response to queries about the company, so that I can help solve issues. You can see my name on the companies with permission to post list. I am not allowed to tout for business at all. If you believe I am please report it to forumteam@moneysavingexpert.com This does NOT imply any form of approval of my company or its products by MSE"

    Posts by James Jones, Neil Stone, Stuart Storey & Joe Standen
  • ElkyElky
    ElkyElky Posts: 2,459 Forumite
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    Experian_company_representative wrote: »
    None of this information is held on your credit report, so the Experian Credit Score doesn't cover this. Nor does it cover information in the names of any financial associates. But it does provide a general assessment of the data you can see on your own report, which is what I said. It's a guide and people tell us they find it useful.

    James

    Kind of misleading though, wouldn't you say? The customers who tell you it's useful are most likely the ones who doesn't understand how the credit system works. People still come on this forum saying they believe the credit reference agencies make the decisions whether to grant credit or not.

    The credit score the 3 agencies provide are meaningless, and will always be meaningless. A much simplier way of determining ones credit worthiness is by simply applying for a credit card/loan rather than paying for a worthless number from the agencies. There's only one person who can tell us whether we are credit worthy or not and thats the lender.
    We’ve had to remove your signature. Please check the Forum Rules if you’re unsure why it’s been removed and, if still unsure, email forumteam@moneysavingexpert.com
  • BLT_2
    BLT_2 Posts: 1,307 Forumite
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    [QUOTE=Experian company representative;35753531]None of this information is held on your credit report, so the Experian Credit Score doesn't cover this. Nor does it cover information in the names of any financial associates. But it does provide a general assessment of the data you can see on your own report, which is what I said. It's a guide and people tell us they find it useful.

    James[/QUOTE]

    So it's not based on much then? You have pretty much validated the opinions of people on here who state that the score in meaningless.

    PMSL - What people?, do you get a flood of people ringing you and saying 'thanks for our meaningless credit score' If it is so useful why are there constant new threads on this forum stating 'experian credit score 999 can't get a loan'

    Lets face it, you are so biased in regards to this question that your opinion is completely meaningless.

    The Experian credit score is purely a way of garnering income from the gullible masses to fund that appalling TV commercial :D

    However my congratulations on a good sales pitch, I assume this will mean additional commission this month :rotfl:
  • BLT_2
    BLT_2 Posts: 1,307 Forumite
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    babyfruitella wrote: »
    Experian are a load of rubbish. My husbands credit score is 999. Trust me, there is no way on THIS earth he has a credit score that good!

    Of course he has, Experian wouldn't just make it up would they? :rotfl:
  • BLT_2
    BLT_2 Posts: 1,307 Forumite
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    Experian_company_representative wrote: »


    smj43 - if you contact us direct you can ask one of our advisers for some personalised pointers on improving your credit report/scoring. Assuming you're already on the electoral roll, it'll probably revolve around maintaining a few credit products according to contact and keeping your total borrowing well within what you can sensibly afford on your income.

    Hope that helps.

    James

    A far better option would be to do what most people do, cancel your direct debit, stop waiting 2 months for them to update your records, avoid paying for their meaningless credit scores, and use the 7 pounds a month you have saved to buy a nice takeaway or go and see a movie :D

    Alternatively you can give them a ring and get recommendations based on the 'bleeding obvious' where they advise you to keep your finances in good order, and not miss payments - truly Experian advisers are financial wizards of the first order :rotfl:
  • babyfruitella
    babyfruitella Posts: 983 Forumite
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    BLT wrote: »
    Of course he has, Experian wouldn't just make it up would they? :rotfl:

    As you said in the post before, score of 999, but cant get a loan. Go figure eh! :rotfl:
    COMP WINS FOR HUBBY & I SINCE SEPTEMBER:
    2 £50 DOMINOS VOUCHERS, 13 PAIRS OF FOOTBALL TICKETS, MICROSOFT HOME EDTN, 2 PAIRS OF ALTON TOWERS TICKETS, 1 CASE OF PERCY PIGS, 1 PAIR OF LEATHER LADIES GLOVES, 4 COLLECTION 2000 PRODUCTS, PLAYSTATION 3 WITH FIFA 12, 5* HOTEL STAY IN LONDON, SEASON 6 OF SUPERNATURAL DVD, PERFECT PIZZA VOUCHER
  • izools
    izools Posts: 7,513 Forumite
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    Experian_company_representative wrote: »
    None of this information is held on your credit report, so the Experian Credit Score doesn't cover this. Nor does it cover information in the names of any financial associates.

    So you admit then that your score neglects vital information, that all and any creditor would take into account, thus validating our point further.

    Thank you for admitting this, it is good to see that Experian themselves admit to not taking enough information into account for the score to actually mean anything or be remotely comparable with the way in which all creditors score us :D
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  • Any
    Any Posts: 7,944 Forumite
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    Experian_company_representative wrote: »
    I'm sorry but many of the comments on this thread are way off the mark.

    The vast majority of lenders use consultancy services provided by the credit reference agencies to build and maintain their credit scoring systems. This is a fact. As a result, Experian does know how lenders typically score credit reports and, although this can and does vary from lender to lender, it is possible to generalise. And this is exactly what we do with the Experian Credit Score - it's a guide to how a lender will rate your credit report. It is certainly not meaningless and for someone to suggest it's a random number generator is absolutely ludicrous!!

    At least stop talking rubbish.

    Every day we come accross people with posts such as "Experian say my credit rating is 999 but I've been refused for credit card, please help" and then after the first question we find out that they never had credit before and/or they don't have regular income.

    So to say that it is a guide to how lender will rate your credit report is the biggest fib I've heard in a long time!!
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