Can we have a sticky about why the Experian/Equifax scores dont guarantee acceptance?

The_Boss

This would mitigate for the most likely reason for people posting new threads in here and there would be no excuse for people not seeing it before they start a new thread.

The_Boss

Can this be moved in here please :

https://forums.moneysavingexpert.com/discussion/4532933

Experian_company_representative

I think this is a very good idea. It's important that people understand what the credit report scores do and don't show you. We do provide a lot of guidance on this on our website but it's an issue that does cause confusion.

James Jones

matttye

Agree wholeheartedly!

sharpy2010

Experian_company_representative wrote: »

I think this is a very good idea. It's important that people understand what the credit report scores do and don't show you. We do provide a lot of guidance on this on our website but it's an issue that does cause confusion.

James Jones

The numerican score given by Experian when customers purchase that "product" bears no resemblance whatsoever to the data contained within their credit report.

If the above wasn't the case, then why do people with bankruptcies and no employment score 999? The highest POSSIBLE rating! This shows the ridiculousness of the situation!

I can see everyone claiming back their money for this mis-sold product, reason being its utter nonsense!

matttye

sharpy2010 wrote: »

The numerican score given by Experian when customers purchase that "product" bears no resemblance whatsoever to the data contained within their credit report.

If the above wasn't the case, then why do people with bankruptcies and no employment score 999? The highest POSSIBLE rating! This shows the ridiculousness of the situation!

I can see everyone claiming back their money for this mis-sold product, reason being its utter nonsense!

If you read the post he linked to, you'll see he says this:

"What you need to understand, however, is that this score is only a guide and is only seen by you. While this can be very useful, any lender you approach for credit will calculate its own score. This score will factor in other sources of information as well, as well as reflecting their own specific lending policies. This additional information includes the details you give them on your application form – for example, about your job and wages – details they may already hold about you if you’ve dealt with them in the past, and details about anyone you are financially linked to."

sharpy2010

matttye wrote: »

If you read the post he linked to, you'll see he says this:

"What you need to understand, however, is that this score is only a guide and is only seen by you. While this can be very useful, any lender you approach for credit will calculate its own score. This score will factor in other sources of information as well, as well as reflecting their own specific lending policies. This additional information includes the details you give them on your application form – for example, about your job and wages – details they may already hold about you if you’ve dealt with them in the past, and details about anyone you are financially linked to."

At best then, the score is an extremely inaccurate guide.

However, my personal belief is that it is so inaccurate as to be completely worthless, and thus not worth the money.

matttye

sharpy2010 wrote: »

At best then, the score is an extremely inaccurate guide.

However, my personal belief is that it is so inaccurate as to be completely worthless, and thus not worth the money.

Inaccurate depends on what you think it's trying to portray.

I think of it as a way of scoring the information contained within my credit report, rather than my actual creditworthiness.

If someone had a crap credit history then won the Euro millions, every lender in the country would want them as a customer The credit score would still reflect what's contained in the credit report, however.

sharpy2010

matttye wrote: »

Inaccurate depends on what you think it's trying to portray.

I think of it as a way of scoring the information contained within my credit report, rather than my actual creditworthiness.

If someone had a crap credit history then won the Euro millions, every lender in the country would want them as a customer The credit score would still reflect what's contained in the credit report, however.

But the score they provide doesn't reflect if the person is even in work, or is bankrupt, so its a pretty inaccurate score at best.

Not something worth paying for, in my mind.

matttye

sharpy2010 wrote: »

But the score they provide doesn't reflect if the person is even in work, or is bankrupt, so its a pretty inaccurate score at best.

Not something worth paying for, in my mind.

That's because that information isn't in your credit report, so it's only inaccurate if you think it is scoring your creditworthiness when, in reality, it isn't.

sharpy2010

matttye wrote: »

That's because that information isn't in your credit report, so it's only inaccurate if you think it is scoring your creditworthiness when, in reality, it isn't.

So what IS it scoring?