Experian & Loans

skyranger

Ok so I signed up for Experian credit check (I know about noddle etc) because I am planning to get a new car and wanted to check my rating.

Amazingly I have 977 out of 1000. I'm not entirely sure how but hey I'm not complaining.

My question is that on the page - it has:

Financial Deals
Financial products matched to your Experian Score and Report
Improve your chance of acceptance
Leaves No Credit History
Save Time and Money

And clicking on loans it takes you to a short form to fill in with finance questions and then clicking submit takes you to the deal so for example Marks & Spencers loan of 2.7%!

Does that mean that when I go through - I will get this rate (or roundabouts) because they will be using Experian's data or could I find that it's just a guide and M&S may just use another source (e.g. callcheck). It would be good to know so I don't waste a credit check etc.

Cheers

Tixy

No you are not guaranteed to get that rate.

M&S will base their decision on far more information that experian (or callcredit or equifax) know about you.

E.g. critically the credit reference agencies do not know if you are employed or how much you earn, that will definitely be very relevant to any potential lender's decision.

skyranger

Many thanks - I thought it was too good.

But still I can't knock 977 (not even sure how that is actually correct!)

Tixy

There is a lot of articles/threads about the limited use of credit scores sold by the credit reference agencies (lenders don't see that score).

At best it is a rough guide to how experian think a typical potential lender may assess a small part of your credit application.

Gaz83

skyranger wrote: »

Many thanks - I thought it was too good.

But still I can't knock 977 (not even sure how that is actually correct!)

It's not correct. 977 is Experian's judge of your credit worthiness, no-one else's. It's an arbitrary number designed to encourage people to pay money to them to try to make their score increase.

No lenders will see that score.

Apples2

skyranger wrote: »

But still I can't knock 977 (not even sure how that is actually correct!)

It is as correct as it needs to be. It could say 10 or 999 for all the use it is to anyone other than you.