Is Experian's score really a random number or worthless?

sfax

JimmyTheWig wrote: »

Maybe it's akin to attractiveness.

You can ask someone in the pub if they think your mate is attractive. Whether they say "yes" or "no" doesn't necessarily mean that the next person you ask will give the same answer. They may have different opinions on what makes someone attractive.
Unless your mate wants to go out with the person that you asked, the answer they gave is somewhat irrelevant.
Only somewhat irrelevant, however, as there as some traits that most people agree on in terms of judging someone's attractiveness (or lack of). Spinach in their teeth, for example, is likely to get them marked down by whoever you ask.
So you can get a vague indication of your mate's attractiveness by asking someone. Probably no more accurate than you could have given yourself, however, and so not really worth paying for.

Likewise, you aren't trying to get a loan from Experian, so what they think isn't the most important thing. Missed payments, etc, will get you marked down by everyone (like spinach in your teeth).

The same could be said of people's opinions on the value of CRA credit scores.

BugsyBrowne

spadoosh wrote: »

What a fantastic analogy!!:T

Your easily pleased....

jpb77

I would say that score on Experian is an overall score of your credit worthiness and lenders will see this report with probably the same score minus application details.

So other factors are taken into consideration on their system. They score what you put on your application as well i.e. age, demographic area, income, marital status, how long you've been with your employer, how long you lived at your address etc - all these application entries build a score as well plus the information obtained from the CRAs.

The points you accumulate on your application could end up deducting a good chunk of your overall score with the info obtained from the CRA and could be an instant decline. So if you have a really good score with the CRA the lender might not score you so well with your application as they profile you as either a perfect customer or a not so perfect customer.

They don't just credit risk you but the lender also builds a picture if they are going to make money off you!

spadoosh

BugsyBrowne wrote: »

Your easily pleased....

I know the missus gets well p***ed off!

JimmyTheWig

spadoosh wrote: »

What a fantastic analogy!!:T

If I may say so myself, it was, wasn't it!
Got better (and more accurate) as I was going along.

itsarichmansworld

Mines wasn't accurate I had a 999 score with them checked check my file and it was 750 and noddle 2/3

I'm working on improving mine and knew it defo wasn't 999

BugsyBrowne

itsarichmansworld wrote: »

Mines wasn't accurate I had a 999 score with them checked check my file and it was 750 and noddle 2/3

I'm working on improving mine and knew it defo wasn't 999

999 is a defaulted score apparently and noodle score is out of 5 not 3.

BugsyBrowne

itsarichmansworld wrote: »

Mines wasn't accurate I had a 999 score with them checked check my file and it was 750 and noddle 2/3

I'm working on improving mine and knew it defo wasn't 999

999 is a defaulted score apparently and noodle score is out of 5 not 3 and checkmyfile is not even used by lenders.

Paul_Herring

BugsyBrowne wrote: »

Is Experian's score really a random number or worthless?

It's both.[1]



[1] For most people we get on here, they seem to chose a random number between 999 and 999.

BugsyBrowne

Paul_Herring wrote: »

It's both.[1]



[1] For most people we get on here, they seem to chose a random number between 999 and 999.

You mentioned once about why people get 999 is this by default so to speak.