How accurate are Experian credit scores?

Fordian_2

Hello all, hope you're enjoying your BH..

I have just requested my credit history file via Experian's 30 day free trial. I also bought the credit score, which I was suprised to see was 999 out of 999 :think: I defaulted on an A&L loan in 2005 which was settled within 6 months and have made one late CC payment in the last 6 months.

Do these credit files count late payments/consider them as damaging as missed ones?

Why isn't my A&L account and associated default still listed on my file?

I am hoping to apply for a 0% BT virgin card when I am on electoral roll, which the experian website also says I am likely to be successful if I apply...how true do you think this is?

Any advice would be fab!

Thanks

stephane_2

Fordian wrote: »

Hello all, hope you're enjoying your BH..

I have just requested my credit history file via Experian's 30 day free trial. I also bought the credit score, which I was suprised to see was 999 out of 999 :think: I defaulted on an A&L loan in 2005 which was settled within 6 months and have made one late CC payment in the last 6 months.

Do these credit files count late payments/consider them as damaging as missed ones?

Why isn't my A&L account and associated default still listed on my file?

I am hoping to apply for a 0% BT virgin card when I am on electoral roll, which the experian website also says I am likely to be successful if I apply...how true do you think this is?

Any advice would be fab!

Thanks

Any defaulted account will stay on your file for a period of 6 years from the moment the account is settled.
Your Experian credit score is a waste of time & money, does not mean anything whatsoever simply because each lenders will have their own criteria in terms of your level of debt, income, time with current employer, time at address and many others...
Some will consider you even with a settled defaulted account of 5 years old, some won't touch you. Some will even reject you for a single late payment....

Fordian_2

Thank you Stephane, advice much appreciated.

Paul_Herring

In answer to the question posed in the subject, "not at all. Or at least 'very little.'"

The only time Experian's 'credit score' would be accurate is if Experian themselves offered credit. They don't.

Other companies use their own formula to calculate a 'score' and the weighting they give to certain aspects of your credit history (defaults, credit-lines/credit used, change of address, electoral roll, etc) will necessarily be different to Experian's.

While Experian's thoughts on how good you'd be with a new credit card are... indicative, of how a 3rd party company are likely to view your credit history, it should not be seen as a 'given', and - more importantly - you should not be paying for it.

Its-A-New-Age-Thing

ive a default registered against me its over 5 years old now..........its not showing on my EXPERIAN yet its held against mer when people check my experian............ehhhhhhhhh i hear u askin???

WELL the default is registered under the wrong middle initial an A as opposed to an S so i never see it yet when creditors search my dob they see the default as the date of births a match etc

POINT IS just because you cant see it DONT THINK its NOT on there...........

Its-A-New-Age-Thing

Paul_Herring wrote: »

In answer to the question posed in the subject, "not at all. Or at least 'very little.'"

The only time Experian's 'credit score' would be accurate is if Experian themselves offered credit. They don't.

Other companies use their own formula to calculate a 'score' and the weighting they give to certain aspects of your credit history (defaults, credit-lines/credit used, change of address, electoral roll, etc) will necessarily be different to Experian's.

While Experian's thoughts on how good you'd be with a new credit card are... indicative, of how a 3rd party company are likely to view your credit history, it should not be seen as a 'given', and - more importantly - you should not be paying for it.

what makes me LAUGH is how they try and encourage you to pay them £5.99 AS OFTEN AS POSSIBLE.........its like oh my god theres been a search on ure credit file.............ure SCORE may have changed as a result please rush to pay us £5.99 and find out................emmmmmmmmmmm NO

:rotfl: