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  • FIRST POST
    • sanova76
    • By sanova76 6th Dec 17, 6:05 PM
    • 78Posts
    • 6Thanks
    sanova76
    confused - 3 different credit score
    • #1
    • 6th Dec 17, 6:05 PM
    confused - 3 different credit score 6th Dec 17 at 6:05 PM
    Hi,


    I've checked my credit score on 3 different sites and they all have 3 different scores.

    I used Experian, ClearScore, and Noddle.

    The information on Noddle is the most updated one because I registered on this site first. Info on ClearScore won't be updated for another 20 days. Should I worried about this? Because if a company/bank checked ClearScore instead of Noddle (more updated and better score), they might think I have a poor credit score?

    Thanks.
Page 1
    • TadleyBaggie
    • By TadleyBaggie 6th Dec 17, 6:19 PM
    • 2,473 Posts
    • 1,806 Thanks
    TadleyBaggie
    • #2
    • 6th Dec 17, 6:19 PM
    • #2
    • 6th Dec 17, 6:19 PM
    It's because the numbers are made up, no body but you can see the number and so it's meaningless. The CRA's have no idea of your income and so it makes their best guess just that, a guess.

    An institution that needs to know if you are a worthy credit risk will make their own decision based on the data in your credit history, not the score.
    • SnowTiger
    • By SnowTiger 6th Dec 17, 6:47 PM
    • 3,103 Posts
    • 2,084 Thanks
    SnowTiger
    • #3
    • 6th Dec 17, 6:47 PM
    • #3
    • 6th Dec 17, 6:47 PM
    I've checked my credit score on 3 different sites and they all have 3 different scores.

    I used Experian, ClearScore, and Noddle.

    The information on Noddle is the most updated one because I registered on this site first. Info on ClearScore won't be updated for another 20 days. Should I worried about this? Because if a company/bank checked ClearScore instead of Noddle (more updated and better score), they might think I have a poor credit score?
    Originally posted by sanova76
    All CRAs (and their friends) talk up credit scores and promote their importance.

    After informing punters "Your credit score is a number that reflects your creditworthiness" Noddle admits:

    Do all lenders use the same score?

    No. There’s no single credit score - different lenders take different factors into consideration when building their score, and scores may even differ between a lender’s products.

    Why is my score different to my score with Equifax or Experian?

    Just like each lender has different factors they take into consideration when building their score, each credit reference agency also has different factors and approaches which they use. This means that each credit reference agency may have a different credit scoring model and show you a different credit score. For example, while one agency may score you out of 1000 another may score you out of 700, which makes them difficult to compare directly.
    Credit scores are simply opinions in numerical form, based on the information known about you.

    It's rather like wearing a new jumper and asking ten of your friends to score it. Two will give it 10/10, two will give it 1/10 and the rest will give it a score in-between. Your partner hates it. Whose opinion do you value most?
    • sanova76
    • By sanova76 6th Dec 17, 8:08 PM
    • 78 Posts
    • 6 Thanks
    sanova76
    • #4
    • 6th Dec 17, 8:08 PM
    • #4
    • 6th Dec 17, 8:08 PM
    It's because the numbers are made up, no body but you can see the number and so it's meaningless. The CRA's have no idea of your income and so it makes their best guess just that, a guess.

    An institution that needs to know if you are a worthy credit risk will make their own decision based on the data in your credit history, not the score.
    Originally posted by TadleyBaggie
    Thanks for the replies. When you said data in my credit history, what does it mean? Whether I have any outstanding (current) debt, or my past debt?
    • YorkshireBoy
    • By YorkshireBoy 6th Dec 17, 8:25 PM
    • 29,612 Posts
    • 17,464 Thanks
    YorkshireBoy
    • #5
    • 6th Dec 17, 8:25 PM
    • #5
    • 6th Dec 17, 8:25 PM
    When you said data in my credit history, what does it mean? Whether I have any outstanding (current) debt, or my past debt?
    Originally posted by sanova76
    Both, and more besides.

    Remember it's facts (eg how much debt, total credit limits, number of credit cards, time at address, etc), not opinions (eg 756, 845, 934, poor, good, excellent), that the lenders are looking for.
    • Tarambor
    • By Tarambor 7th Dec 17, 1:20 PM
    • 1,740 Posts
    • 1,194 Thanks
    Tarambor
    • #6
    • 7th Dec 17, 1:20 PM
    • #6
    • 7th Dec 17, 1:20 PM
    Thanks for the replies. When you said data in my credit history, what does it mean? Whether I have any outstanding (current) debt, or my past debt?
    Originally posted by sanova76
    So when you look on Clearscore on the Overview tab under Report and Factors it'll list positives and negatives. Next check accounts, personal and searches and make sure they're all OK. Those are the things you want to be concerning yourself about.
  • National Debtline
    • #7
    • 7th Dec 17, 2:42 PM
    • #7
    • 7th Dec 17, 2:42 PM
    Hi sanova76


    Every creditor is going to have their own way of credit scoring, and it won't be the same as the credit reference agencies. The best thing to do is make sure all the information held on your credit file is correct, then creditors will have an accurate picture of your credit history.


    It's also important for creditors to see you are on the electoral register. If you are not already on it, it's a good idea to register.


    Susie
    @natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
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