Experian, Equifax and Noddle 'scores' and 'ratings' have little value

JohalaReewi

matttye wrote: »

Out of curiosity, is there a reason why Experian doesn't allow customers to enter salary, job status, marital status etc. to improve the accuracy of the score?

Don't give them ideas. :shhh:

Plus, it isn't "the score", it is "a score" (one of many). There are other credit reference agencies out there so would you want to do the same there?

The_Boss

matttye wrote: »

On the homepage there's a link that says "What is a credit score?" that leads to this page:

http://www.experian.co.uk/consumer/what-is-a-credit-score.html

There's nothing on that page I would consider false or misleading - I think they're getting better in this regard. Surely people should be doing research before getting to the order page

Fair enough that you raise that and just want to acknowledge your comment. I'll come back to it next time I am on my computer.

matttye

JohalaReewi wrote: »

Don't give them ideas. :shhh:

Plus, it isn't "the score", it is "a score" (one of many). There are other credit reference agencies out there so would you want to do the same there?

When you're talking to Experian or Equifax themselves, "the score" is just fine and I'm sure they'll know what I'm referring to.

Rebecca01

Again another agreement with this thread. My Husbands call credit rating has gone from 4/5 to 3/5 in a month. No changes we can see.

It really is at times like its plucked from thin air. I have just read a thread where somebody has two late payments in the last 12 months has an experian rating of 999.

Does anybody else have any other experiences?

matttye

Rebecca01 wrote: »

Again another agreement with this thread. My Husbands call credit rating has gone from 4/5 to 3/5 in a month. No changes we can see.

It really is at times like its plucked from thin air. I have just read a thread where somebody has two late payments in the last 12 months has an experian rating of 999.

Does anybody else have any other experiences?

Mine is 2/5 and most lenders won't touch me with a bargepole. Should probably be 1/5, but close enough.

You-kip

Rebecca01 wrote: »

Again another agreement with this thread. My Husbands call credit rating has gone from 4/5 to 3/5 in a month. No changes we can see.

It really is at times like its plucked from thin air. I have just read a thread where somebody has two late payments in the last 12 months has an experian rating of 999.

Does anybody else have any other experiences?

Credit scores for each individual don't exist, the best way to check your credit report is to search the data only and take no notice of scores they sell you.

quidsy

I used Noddle & the free trial at experian to check the data, I found I wasn't on electoral register since moving in May last year & that they had an address registered to myself & husband that was the shop below our flat that we have never lived at. I also found a store care open with 0 limit that I had never opened so it was useful in that regard.

I think it is worth checking to make sure you aren't being penalized for mis information.

Rebecca01

Yes definitely but the "score " itself seems inconsistent at times. Meaningless as many on this forum often say.

matttye

Rebecca01 wrote: »

Yes definitely but the "score " itself seems inconsistent at times. Meaningless as many on this forum often say.

Even without these issues where scores are blatantly inflated (like the example you cited in your last post), they would be meaningless because every lender has different criteria.

Whether you're a 200 poor or 999 excellent, it doesn't really matter so long as you're accepted for the product you're applying for.

rizla_king

http://www.experian.co.uk/consumer/top-10-credit-myths.html

Myth: You only have one credit score

Truth: Each lender uses a unique method to calculate credit scores and some use a different formula for different products, such as loans and credit cards. So you could get three different credit scores if you made three applications in a single day.