Credit Scores so different, Im Confused!!!

ticmike

matttye wrote: »

6 defaults and a discharged bankruptcy order - 980 - excellent.

That may give you some idea

I think we have a definitive answer.

The_Boss

Yep.

Although you could have a flawless record and a score like that and still be rejected, a classic example being a single mother on benefits a while back on the DFW board. Salary is a key driver in the lender scoring process. Where exactly do Experian and Equifax ask questions about your occupation?

ticmike

The_Boss wrote: »

Yep.

Although you could have a flawless record and a score like that and still be rejected, a classic example being a single mother on benefits a while back on the DFW board. Salary is a key driver in the lender scoring process. Where exactly do Experian and Equifax ask questions about your occupation?

Very good point, these credit ref agencies ask or know absolutely nothing about your income and working status.

Experian_company_representative

These scores rate your credit history only. Lenders scores assess a wider selection of data. This does not make the credit history scores meaningless though. They give a good guide to how your credit history is likely to be rated by an average lender.

The Experian score does range from 0-999 and I've seen scores at both extremes. The average is currently 786 (fair). The graphic is a bit of a blunt tool as these categories (fair, good etc) are quite wide and the needle simply sits in the middle.

These scores are also far from guesswork. Most lenders obtain scores from the CRAs to help their decision making. Credit scoring is what we do! But you have to remember that every lender sets their own policies, reflected through their scoring (and marketing).

The other CRAs score on different scales so the best way to directly compare them is probably by converting them into %s. But still not massively useful as the weightings are clearly different.

You can be refused credit with a great credit history, simply because of other factors. This Q&A discussed that. But this doesn't diminish the value of the credit history scores.

James

matttye

Experian_company_representative wrote: »

These scores are also far from guesswork.

Could you explain what happened in this instance (in the link below), if not guesswork?

https://forums.moneysavingexpert.com/discussion/4099257

You-kip

Experian_company_representative wrote: »

These scores rate your credit history only. Lenders scores assess a wider selection of data. This does not make the credit history scores meaningless though. They give a good guide to how your credit history is likely to be rated by an average lender.

The Experian score does range from 0-999 and I've seen scores at both extremes. The average is currently 786 (fair). The graphic is a bit of a blunt tool as these categories (fair, good etc) are quite wide and the needle simply sits in the middle.

These scores are also far from guesswork. Most lenders obtain scores from the CRAs to help their decision making. Credit scoring is what we do! But you have to remember that every lender sets their own policies, reflected through their scoring (and marketing).

The other CRAs score on different scales so the best way to directly compare them is probably by converting them into %s. But still not massively useful as the weightings are clearly different.

You can be refused credit with a great credit history, simply because of other factors. This Q&A discussed that. But this doesn't diminish the value of the credit history scores.

James

Your scores are worthless meaningless Rip Offs and sorry but as you know already no one has an individual credit score as lenders score you on application only.

Izools has been asking you for months which still you don't reply to him regarding discharged BR and 6 Defaults and you scored him 980 Excellent.

I personally think you're mugging off gullible people for your own profit margins.

Thrugelmir

Experian_company_representative wrote: »

These scores rate your credit history only. Lenders scores assess a wider selection of data. This does not make the credit history scores meaningless though. They give a good guide to how your credit history is likely to be rated by an average lender.

The Experian score does range from 0-999 and I've seen scores at both extremes. The average is currently 786 (fair). The graphic is a bit of a blunt tool as these categories (fair, good etc) are quite wide and the needle simply sits in the middle.

These scores are also far from guesswork. Most lenders obtain scores from the CRAs to help their decision making. Credit scoring is what we do! But you have to remember that every lender sets their own policies, reflected through their scoring (and marketing).

The other CRAs score on different scales so the best way to directly compare them is probably by converting them into %s. But still not massively useful as the weightings are clearly different.

You can be refused credit with a great credit history, simply because of other factors. This Q&A discussed that. But this doesn't diminish the value of the credit history scores.

James

Experian provides data for other business users to access consumers credit worthiness. That's far enough, I have no objections. Selling this data to consumers as if it has any value is a complete rip off. Attempting to justify it is an even worse sin. Endless waffle that says nothing, a clear sign of a third class marketing department.