Credit score

Markh2013

Hi all,

I was wondering if anyone could possibly shed some light on why my Experian credit score is 751 and my Equifax is only 75, yes that's right 75!!! ?

I have been using Experian for the past year to keep an eye on things and build up my credit score but recently also looked at Equifax.

I have 3 late payments from an account last year which I then settled( due to substandard service from a phone network). I have no CCJ or defaults and pay all other bills by direct debit each month in full and on time.

I moved to the UK from Ireland in April 2012, I had no credit history prior to this time but have worked on building it and really cant understand why its only 75 with Equifax... I have had 9 credit searches on equifax in the past 6 months as I have been opening some credit accounts to try build score up faster...

I really cant understand why there is such a difference between Equifax and Exerpian considering they both have the same information.

Perhaps someone can help?

John1993_2

Markh2013 wrote: »

Hi all,

I was wondering if anyone could possibly shed some light on why my Experian credit score is 751 and my Equifax is only 75, yes that's right 75!!! ?...

You should start a new thread foor your query, rather than tag it on to someone else's.

Hopefully someone will move iit over but, for now it's just worth noting that your credit score is pretty meaningless, it's just a number invented by each agency that they sell to you for profit. Lenders don't know it, or care about it, they only see the actual information on yoru file, loans, bank accounts, defaults, etc.

[Deleted User]

Markh2013 wrote: »

I really cant understand why there is such a difference between Equifax and Exerpian considering they both have the same information.

Equifax use a combination of birthdate and shoe sizes to derive their score, while Experian use a Magic 8 ball.

rizla_king

Experian just use this youtube video

https://www.youtube.com/watch?v=6Dzn6V9W66I

The_Boss

Something needs to be done about all these threads. Why can't there be a sticky explaining that they are random numbers not used or seen by lenders, who score an application and not a person? Then at least if people still post they can be directed to the sticky.

You-kip

The_Boss wrote: »

Something needs to be done about all these threads. Why can't there be a sticky explaining that they are random numbers not used or seen by lenders, who score an application and not a person? Then at least if people still post they can be directed to the sticky.

It's to do with MSE and their relationship with Experian.

A bit like Russia & Syria where Russia know Syria are full of sh*t yet they don't want to broadcast it.

rizla_king

The_Boss wrote: »

Something needs to be done about all these threads. Why can't there be a sticky explaining that they are random numbers not used or seen by lenders, who score an application and not a person? Then at least if people still post they can be directed to the sticky.

email MSE to ask then? As the CRAs would no doubt object and complain about such a sticky then I think only MSE staff can make the call whether to put something like that up.

Experian_company_representative

The Equifax score is probably being affected by the volume of searches carried out through that agency, so it sounds like the reports are not the same at all. A large volume of application searches in a short space of time can be a sign off heightened risk. You have to remember that the scores the CRAs build for public run on different scales too, so they're not directly comparable.

There is already plenty of information explaining the CRA report scores ( that the public can get) on here and on the CRA websites. They are certainly not random numbers. The CRAs build most of the scorecards lenders use and use the same logic to produce the credit report scores you can get. The key is understanding what they do and don't tell you!

James

You-kip

Experian_company_representative wrote: »

The Equifax score is probably being affected by the volume of searches carried out through that agency, so it sounds like the reports are not the same at all. A large volume of application searches in a short space of time can be a sign off heightened risk. You have to remember that the scores the CRAs build for public run on different scales too, so they're not directly comparable.

There is already plenty of information explaining the CRA report scores ( that the public can get) on here and on the CRA websites. They are certainly not random numbers. The CRAs build most of the scorecards lenders use and use the same logic to produce the credit report scores you can get. The key is understanding what they do and don't tell you!

James

At the end of the day James your company may produce scores for lenders that's because you'll take in the relevant information to then score that customer where your scores you sell customers leaves out so much critical data which in reality does actually makes them useless.

It's like doing an insurance quote online and missing out years of no claims bonus and hoping the figure comes out the same because it wouldn't.

You-kip

James jones is the master technician in how not to reply to questions on a forum when he doesn't know the answer.

Izools is still waiting for answers on how he's got a score of 995 with defaults & bankruptcy on his credit files.

The_Boss

One day maybe we'll get an answer...