Improve my credit rating!

BugsyBrowne

James £16 is way to much though to charge customers, you say on your website this includes a credit score but who really wants a new credit score Everytime they log on, once or twice a year fair enough.

I believe this is why many People are opting for a cheaper service.

Experian_company_representative

BugsyBrowne wrote: »

James £16 is way to much though to charge customers, you say on your website this includes a credit score but who really wants a new credit score Everytime they log on, once or twice a year fair enough.

I believe this is why many People are opting for a cheaper service.

The current charge for new CreditExpert customers, after the free trial, is £14.99 pm - I'm not sure where £16 comes from.

Before we repackaged the service last year, the average customer was ordering more than one separately priced score per month, so the new package is better value for most. I do though support greater choice and this is something we are looking at.

James Jones

JohalaReewi

Experian_company_representative wrote: »

Importantly, the score you can get from us as a consumer only rates your credit report data. Lenders' scores incorporate their own internal data plus the information on your application form.

I'm afraid that people who imply that Experian's credit scores are meaningless because we are not a lender are not particularly well informed.

Experian scores are only a numerical representation of the data Experian have about you. So technically, it is not completely meaningless. However, there are anomalies in the Experian scoring system which can give a high score despite obvious adverse data on your history. These have been flagged up before on this forum.

As James says, lenders' will factor in other data and will likely calculate different scores. So the Experian score is meaningless in the real world of credit because it cannot accurately predict the scores you will get from Lenders. The Experian score is just an educated guess.

To be more accurate, Experian would need to calculate a different score for different lenders (using their inside knowledge). This would be usefull as it could indicate who you should be approaching for credit.

The average Experian Credit Score (our credit report score for consumers) rose to 783 in January from 768. Not many people actually get 999, but even top scorers can be refused credit if other data doesn't stack up. I think most people get that.

James Jones

And stop calling it the Experian credit score. Experian do not offer credit so it is just the Experian score.

MoneySaverLog

Experian_company_representative wrote: »

I'm afraid that people who imply that Experian's credit scores are meaningless because we are not a lender are not particularly well informed.

If you say so... here comes the contradiction....

Experian_company_representative wrote: »

but even top scorers can be refused credit if other data doesn't stack up. I think most people get that.

James Jones

So a top score of 999 with experian is actually meaningless if a creditor uses their own scoring criteria as well as data from THREE Credit Reference Agencies.

Let's see I have a 968 score with Experian, and an 1B internal risk score with Lloyds TSB and got declined for a credit card with them. mmmm

Sambo1511

Experian_company_representative wrote: »

Yes, many lenders use Experian scoring tools to build and maintain their scorecards.

Importantly, the score you can get from us as a consumer only rates your credit report data. Lenders' scores incorporate their own internal data plus the information on your application form.

You may not know this but Experian was the first company to develop and sell credit scoring systems to UK lenders in the 1980s, and we continue to support many high street lenders' credit underwriting processes with our data and tools.

I'm afraid that people who imply that Experian's credit scores are meaningless because we are not a lender are not particularly well informed.

The average Experian Credit Score (our credit report score for consumers) rose to 783 in January from 768. Not many people actually get 999, but even top scorers can be refused credit if other data doesn't stack up. I think most people get that.

James Jones

Does checking your own credit score on Experian damage your credit score? My score has dropped recently despite me paying off some credit and I am concerned that as I have updated my own score two or three times, this may be the reason.

Also, I have been trying to find another answer on here, does being in your overdraft hurt your credit score?

Thanks

Tixy

Sambo1511 wrote: »

Does checking your own credit score on Experian damage your credit score? My score has dropped recently despite me paying off some credit and I am concerned that as I have updated my own score two or three times, this may be the reason.

Also, I have been trying to find another answer on here, does being in your overdraft hurt your credit score?

Thanks

Checking your own report / score has no impact at all on your credit file or credit score.

Being in your overdraft would generally has been seen as a negative by other potential lenders - which is more relevant than what it might do to your score.

JohalaReewi

Sambo1511 wrote: »

Does checking your own credit score on Experian damage your credit score?

The Experian score is not a credit score.

rb10

JohalaReewi wrote: »

The Experian score is not a credit score.

Erm, yes it is - as it is an assessment by Experian of your creditworthiness.

Granted, it is not the same credit score as the one that Experian provide to banks when you make an application, or as the internally-generated scores by banks, but it is still a credit score.

jon557

Hi,

Going back to the original comment...

It takes a long time to build up your credit score. I have watched mine climb for several years now, I have taken loans and credit cards and paid them off etc with no problems. I have moved from the 700s to 850s (according to checkmyfile internal scoring system). It does take years.

It also takes into account if you live in a reliable area and electoral role plays a big part - once my address was wrong on a credit file, my score dropped 100 points for a month or two until it was fixed.

Also, I still have two late payments from 5 years 6 months ago - but I have a good rating of 850ish. So the odd late payment isn't the end of the world.

Deru

Paying off overdrafts would help.

Getting a sub prime credit card, and spending a bit on it and clearing the balance each month can also help.