Massive score difference between Equifax & Experian reports

Chris1984_2

Hi,

Hoping you guys are able to help me.

I’ve always used Experian as my go to credit check facility and currently my score sits at 951 (good). However I received an offer from Equifax so gave them a go and my score with them is 257 (very poor).

I defaulted about 5 years ago and this shows on both reports however is it normal for there to be such a difference?

Lastly when the 6 years is up from the above default does this simply just drop off regardless of it being paid or not?

Many thanks,

Chris

[Deleted User]

They're both random numbers, so it's common for them to vary dramatically.

They may also have different information on each report.

ricer10

Chris1984 wrote: »

Hi,

Hoping you guys are able to help me.

I’ve always used Experian as my go to credit check facility and currently my score sits at 951 (good). However I received an offer from Equifax so gave them a go and my score with them is 257 (very poor).

I defaulted about 5 years ago and this shows on both reports however is it normal for there to be such a difference?

Lastly when the 6 years is up from the above default does this simply just drop off regardless of it being paid or not?

Many thanks,

Chris

You've paid each company money, in order for them to pluck a random number from the air.

They don't lend money, so who cares what they think your credit "score" is?

If I was you I'd ring them up and ask for a refund.

AndyBSG

The numbers on those reports are completely fictional and have no bearing on your ability to gain credit.

If you want to pay me £10 a month I can provide you with a credit rating which will have a much higher number and will be just as relevant as the one's provided by Experian and friends!

Chris1984_2

Ok, so the general consensus is they’re a waste of time….but then if lenders use the agencies then surely it does have some bearing?

So what’s the best way to keep on top of your credit file?

MallyGirl

The information they hold is relevant - the numeric score is not

The_Boss

Chris1984 wrote: »

Ok, so the general consensus is they’re a waste of time….but then if lenders use the agencies then surely it does have some bearing?

So what’s the best way to keep on top of your credit file?

As before, the lenders do not use or see this score. Lenders score applications, not people. Different lenders use different scoring matrices and different financial products have different criteria. The CRA 'scores' do not include any application data that you include when you make an application to a lender.

AndyBSG

Chris1984 wrote: »

Ok, so the general consensus is they’re a waste of time….but then if lenders use the agencies then surely it does have some bearing?

So what’s the best way to keep on top of your credit file?

As people have said, it's the information they have the lenders use.

So, when you apply to Barclaycard they'll go to the CRA's to see how much total credit you currently have, how much of that you're using, if you have any missed payments, CCJ's or even pay day loans.

Barclays will then take that information and use it to decide if they want to lend to you and how much they want to lend to you based on their own criteria and scoring.

Chances are they won't even look at the Experian score because how do Experian know what lending criteria Barclays have?

So Experian may only subtract 10 points for a late payment but Barclays may decide that a late payment will automatically fail their credit tests.

Chris1984_2

Thanks guys, consider my accounts with Experian and Equifax cancelled!

The_Boss

Also the default will drop off after 6 years. And good idea to cancel any subscriptions to the 'scores'. You should check the data recorded on your Experian and Equifax reports via the £2 statutory reports at least once a year though.

Chris1984_2

Running though my reports I have a couple of defaults with “Default Dates” and then “Account Updated to” on CreditExpert or “Date Updated” on Equifax.

Am I to take the 6 years drop off from the default date or the updated dates?

Thanks,