Credit Rating help please

nivek310884

Hi, i would really like some help with my credit rating, i was curious as to what my score was as personally, i expect it to be terrible,

so i did two things:
Purchased a credit score through Exprerian,
Purchased a credit Score through Equifax

Experian returned a score of 999 (excellent) which i find hard to beleive,

and

Equifax returned a score of 510 (excellent according to their rating system)


should i take these serious or not do you think? i can publish some of the details here if it would help anyone?

Tixy

Hi

All a credit score will tell you is effectively whether you have kept up to date with repayments on the credit accounts you hold. Most people would say its not worth paying for those scores. What is important is what is on your actual credit report - this you need to check and see if it is accurate.

A credit score doesn't really give you much information as how a potential lender will view you as a customer, and in fact a common issue people post about is having a 999 score and being unable to get a credit card or loan. In fact if you turn 18 and are on the electoral roll even before you have any credit products at all I believe experian will say you have a score of 999 (as in nothing bad to report), what it doesn't take into account is that there is nothing to report at all, and so a potential lender would view that person as very high risk as they have no track record of how they handle credit.

Potential lenders will also look at things like how much you earn, the level of your debts and available credit compared to income, what industry you work in, how long you have been in your current job, whether you are employed or self-employed etc etc

This article is worth a read - Credit Rating: How it works and how to improve it

TakingControl

I am afraid you wasted your money here as lenders have their own scoring criteria. For example, I have 2 defaults (only one being satisfied, I am paying the other one still off) and have been in an arrangement to pay and did some F&F for recuded balances yet Experian reckons my score if Fair. I am pretty sure I wouldn't get any credit even if I wanted to due to the above.

Lenders will look at how you manage your credit, i.e. late payments, arrangements to pay, defaults, how long you lived at your address, are you on the electroll, how much debt you have.