Why are credit scores so different if they contain basically the same info

CassarJ

Hi I have a 999 score on credit expert and a 392 on Equifax
They basically contain the same info as far as I can see so I don't get the big difference!!??

RobertoMoir

1) Because a credit scoring number is a made up value that's essentially meaningless other than in comparison to itself (if the score changes month to month, its useful information, if its different to a number someone else uses then this means little, though the large difference between the two numbers is curious)

2) And credit scoring agencies, like creditors themselves, place importance on different things. You say the information is "basically" the same between the two but unless its identical that could be an explanation right there.

JohalaReewi

Because the random number you buy from experian and equifax isn't a score for credit. It's just a made up number.

It is only companies that offer credit (cards, loans, etc.) who calculate real credit scores and they each have thier own different formulas which they keep super top secret.

Experian and Equifax do NOT offer credit so their scores are meaningless and a waste of money. IMHO

Dabooka

What's even more strange is your DCS* is only 42. :think:





*Dabooka Credit Score

paulmcerlean

One of the reasons you may find these fictional scores to be varying is down to who searches which file. As you know, not all lenders search the same file. So for example, if in the last 3 months you have 5 searches on your experian file and just 1 on Equifax, then this would dramatically reduce the Experian score.

But overall, no matter what the scores are, they are a bag of s h i t e and you shouldn't waste your money on them. Look at your files, payment history, outstanding credit and number of searches to determine your next application - as that is what the lenders will.

Barclaycard, MBNA, Lloyd's etc... will not ask Experian for their score when making a decision.

CassarJ

I think I've wasted money on these things for over a year if the number is meaningless!!
The salutatory (£2) info will soon be available on-line

I have therefore cancelled my credit monitoring - I think the £2 a few times a year will show any credit abnormalities

RobertoMoir

they're not meaningless as such - they're a good indicator of general credit file health when compared to themselves (e.g. if your number with one provider last month was "999" and it suddenly drops by a significant amount then you can - and should - check into why). They're just not useful as an indicator of whether or not a loan or credit company will give you money.

Jemma-T

CassarJ wrote: »

Why are credit scores so different if they contain basically the same info

Because these 'services' are all consumer scams and run by private companies who only want your money.

You may receive other comments but if you boil down the words you'll still end up with my reply.