experian credit scores

cooltt

Yeah! you been told Experian ripoff man.

Its-A-New-Age-Thing

SO in summary then peeps were all agreed EXPERIAN scores are pure AMAZING,

pheww glad we got that one sorted,

:j

Dr_Cuckoo3

izools wrote: »

I prefer Lloyds way of doing it -

They get a monthly feed from Experian of your account conduct elsewhere and apply internal lending limits for overdrafts, loans, and credit cards based on this data and account conduct.

If they don't like something you do in regard to the running of your account or something on your file they set a "Credit Policy Decline".

They don't really tend to search people once you're a customer - they decide what you can have without needing to.

Up until four days ago your understanding of Lloyds TSB's behavioral scoring was as follows

izools wrote: »

No it wasn't. You're right. I don't think there's a soul on this planet that can make head or tail of their stupid risk score system... even the branch managers seem to make it up as they go along :mad:

izools wrote: »

All I know is my risk band was 3, six weeks ago, so I upgraded to Gold account. I'd taken out a new mobile contract in June which showed on my file a few weeks ago and when Lloyds did their monthly update my risk band shot up to 9.

I asked why and was told that new accounts can cause this to happen.

I'm fed up to the back teeth with Lloyds TSB anyway, no two people ever tell me the same thing and no one understands, or can explain / justify the CPD marker on my account, or the way my Risk Score can be 4 one month, then 9, then 3, then 9 again, and I never incur charges or bounce transactions, heck I've only used about £15 of my overdraft for maybe one day in the last several months.

I've shown them my credit file, too, which shows all my accounts being up to date paid on time etc and they can't explain the situation or do anything about it.

Think it's time to let my feet do the voting TBH...

izools wrote: »

It makes so little sense that one month I have a risk score of 9/9, a Credit Policy Decline marker, and £0 limits on all credit products and within the space of a week I now have a risk score 3/9, no Credit Policy Decline marker, and £2,850 pre-approved limit on Overdrafts.

Nothing has changed in respect to account conduct or my credit file. Bonkers. Next month I'll probably have £0 limits again

So are you now knowledgeable on the subject ? :question:

Rupert_Bear

Experian_company_representative wrote: »

That's simply not true. You can order an Experian Credit Score without a monthly subscription.

The score was developed and launched following customer feedback. It had also proved very popular in the US. Some of the criticism is fair in that's it's only a credit report guide, but that's all it ever can be because, as others have said, in the UK lenders score customers in different ways and base their scores on a wider selection of data (your application form, info they have about you already, info about your financial associates etc).

James

When I was a member of Experian and enquired about the score your colleague said it was a waste of money.

In respect to Lloyds internal scoring system when I last enquired it was 2a. Apparently the letter "a" relates to a loan risk indicator. That probably explains that anything I apply for with them always gets accepted.

Experian_company_representative

Rupert_Bear wrote: »

When I was a member of Experian and enquired about the score your colleague said it was a waste of money.

In respect to Lloyds internal scoring system when I last enquired it was 2a. Apparently the letter "a" relates to a loan risk indicator. That probably explains that anything I apply for with them always gets accepted.

I suspect whoever you spoke to is probably an ex-colleague of mine now!

I think the Experian Credit Score is very useful but it has to be understood. Several posters have suggested we could explain what the ECS is better so we will look at this.

We believe that the US system of primarily using a single credit scoring solution for all lenders and products isn't actually very good. In the UK, lenders develop bespoke scores and sometimes have different scorecards for different products. These are much more predictive and therefore help UK lenders make much better decisions. I suspect the US sub-prime mortgage crisis has given the credit industry there a bit of a wake-up call.

James

BugsyBrowne

Experian_company_representative wrote: »

I suspect whoever you spoke to is probably an ex-colleague of mine now!

I think the Experian Credit Score is very useful but it has to be understood. Several posters have suggested we could explain what the ECS is better so we will look at this.

We believe that the US system of primarily using a single credit scoring solution for all lenders and products isn't actually very good. In the UK, lenders develop bespoke scores and sometimes have different scorecards for different products. These are much more predictive and therefore help UK lenders make much better decisions. I suspect the US sub-prime mortgage crisis has given the credit industry there a bit of a wake-up call.

James

James don't matter what you keep saying about your employer experian as they are paying your wages,most people in your shoes would probably feed everyone with lies to if they are getting payed,but people have wised up way to much to be thick enough to give there money away for a meaningless score,its wrong and you know it.

Until experian start there own credit company up they have no right to tell people what cards they are likely or unlikely to get.

experian are a good company to check credit reports but they have took it way to far by charging people for scores.

Everyday people come on here saying 999 score but turned down talking about bullsh*it come on mate stop those stupid scores.

Curt.

Experian_company_representative wrote: »

We believe that the US system of primarily using a single credit scoring solution for all lenders and products isn't actually very good.

Just to be clear, i wasn't neccessarily endorsing the idea above when i was explainning that it was a singular system - just explainning system and structual differences that then (self) explain why having a score for purchase from a CRA is actually of use as it has relevance with lenders.

If anything it shows more (unneccessary) over regulation as lenders do have to abide by it.

In the UK, lenders develop bespoke scores and sometimes have different scorecards for different products. These are much more predictive and therefore help UK lenders make much better decisions.

Again, we agree, but for different reasons.

I believe not having a centralized over regulated government backed meddling busy body nanny telling everyone what criteria to meet is absurd, and states themselves hate it when the federal government alone gets involved, leave alone meddles with the free market. In the UK that sort of crao is restricted, when it comes to finance thankfully and strong lobbying by bankers is beneficial to your entire system as politicians generally do keep their worship at the feet of the financial industry.

I suspect the US sub-prime mortgage crisis has given the credit industry there a bit of a wake-up call.

Again, you came to the correct conclusion, but for all the wrong reasons.

It wasn't the fact the score system itself was binding but rather the fact tha it was in fact binding, not that it makes any sense worded like that.

Generally when you have a more free system, less the quotas for poor folks who need to be given houses, credit cards and loans by lighter skinned apologists then you need some sort of a monopolized system. When banks and CC companies are bound in by that, if the score meets the criteria you can't turn down the application or that would lead to the lender being sued.

Over regulation through garbage like the CRA (no not credit refference agency, but rather "community re-investment act") led to our system of credit scoring being vital. No way a black man with no income is getting a house without a lender being forced to give him a mortgage in the name of his skin color inferrencing his handicap by the apologists who insist he be given money he can never repay.

Unions which run most state credit cards in the US, needed their poor, colored and generally "minority" members to get credit, and thus having a system for applications where everyone uses the same criteria is the best way to rachet the system and crash the entire global economy to the point of falling off a cliff.