experian credit scores

BugsyBrowne

There so much much helpful information on this site,but still there is no thread which is started about experian's credit scores.

So many people come on each day who can't understand why they keep getting turned down for credit with excellent credit scores which they have just payed for from experian.
Now is there anyone who can set up a decent thread explaining these scores to all the people who come on here each day asking the same question.
NID would of been the perfect candidate to set one up but unfortunately
has disappeared or maybe innocent or underground.

I cant set up one up because i will pi*s it up.

gjchester

star-fire wrote: »

There so much much helpful information on this site,but still there is no thread which is started about experian's credit scores.

So many people come on each day who can't understand why they keep getting turned down for credit with excellent credit scores which they have just payed for from experian.

Experians Credit scores are an indication of your record, but no guarantee you'll get credit from anyone.

Every company takes your credit record and genereates a score for you, they don't ask Exprian for the score and pass fail you on that value.

Experian scores are good for a rough guide of your record, but should not be considered an indication of if you'll get credit or not from any particular supplier.

BugsyBrowne

gjchester wrote: »

Experians Credit scores are an indication of your record, but no guarantee you'll get credit from anyone.

Every company takes your credit record and genereates a score for you, they don't ask Exprian for the score and pass fail you on that value.

Experian scores are good for a rough guide of your record, but should not be considered an indication of if you'll get credit or not from any particular supplier.

No mate they are not good indication or rough guide they are a meaningless money making scam.

Some people with AP'S have a credit score of 999 yeah a good indication that is (not)

Its-A-New-Age-Thing

i think experian scores are AMAZIN AND TOP VALUE FOR MONEY

:whistle::whistle::whistle:

Typhoon2000

People paying £90 a year for the worthless credit score (that must cost next to nothing to generate) is what made Experian a FTSE100 company. There should be warning sticky about not wasting your money...

questionabout

The Experian Credit Score IS a waste of money.

...BUT to be fair to them they have created this product (and sell it well) because there is a demand there. Jo Public don't understand about CFSAs, Debt Ratios etc but they do understand about numbers and "Good" or "Bad".

I've said this before but I would support a genuine non-biased official credit score, but the problem is who would create it? The government certainly couldn't be trusted.

For it to work, all of the major financial bodies would need to sign up to it as an industry standard. It would also need to be free (like the statutory report). Maybe one day we would get it and could all have our Official Credit Score numbers in our signatures..... :beer: :rotfl:

izools

It wouldn't and couldn't work - the reason different creditors score customers differently is they want different customers, they target different markets.

There is literally no such thing as one score fits all no matter who does it, unless every creditor in the country agrees that their target market is identical. But they aren't. And that would never happen.

AMEX target high fliers, and Vanquis target low fliers with poor credit. They will never give the same score to the same individual and to create a system that suggests they might is ludicrous.

YorkshireBoy

questionabout wrote: »

It would also need to be free (like the statutory report).

Statutory reports are not free.

questionabout

YorkshireBoy wrote: »

Statutory reports are not free.

I meant it would need to be included Free on the £2 Statutory Report

izools

A more subtle example would be the MBNA Amex Rewards and Platinum Rewards. Whilst both cards require high scorers, MBNA may veer towards those that travel on a regular basis for the Amex rewards and applicants that shop on a regular basis for the Platinum rewards. Different scoring systems for two equally prime cards requiring equally prime scores.

No "one score fits all" will tell the applicant which of the two cards they are more likely to get

EDIT: I use this as an example as when I was 18 I took out an MBNA Classic. I called and asked for an upgrade to the MBNA Amex two years later and they turned down the application but approved me for the Platinum Plus on the same phone call.

questionabout

izools wrote: »

AMEX target high fliers, and Vanquis target low fliers with poor credit. They will never give the same score to the same individual and to create a system that suggests they might is ludicrous.

I think it could work if they used Score and Earnings:

• AMEX say we require a Credit Score of 950 AND £35k Salary (plus 5 Flights)
  
• Flybe could say we require a Credit Score of 700 AND £15K Salary
  
• While Vanquis could say we require a Credit Score of 280 AND £6K Salary

The CC companies would of course need to "reveal" their business scores but so would everyone else (UK based). They could still target their "ideal" customers, perhaps even better because Joe Bloggs with his score of 126 wouldn't bother applying and wasting their resources (or wasting his Credit search). Its only a dream, but its mine haha