Economy can change your credit score?

Jwilkins

My credit score has gone down by 30 points for no reason. I contacted Equifax to find out why and they said they didn't know and admitted that there were no changes since I last checked 5 days ago. I was then told it will probably be because the economy has changed. If that's the case, why have a personal credit file when the economy is just going to change it? I've fought for 12 months to get my credit score up and now it's nearly there to be knocked down again for no reason. I haven't applied for credit, all my bills are paid on time and I barely use my credit cards. Has anyone else had this problem? Can the economy (not you) effect your credit score?

kensiko

Jwilkins wrote: »

My credit score has gone down by 30 points for no reason. I contacted Equifax to find out why and they said they didn't know and admitted that there were no changes since I last checked 5 days ago. I was then told it will probably be because the economy has changed. If that's the case, why have a personal credit file when the economy is just going to change it? I've fought for 12 months to get my credit score up and now it's nearly there to be knocked down again for no reason. I haven't applied for credit, all my bills are paid on time and I barely use my credit cards. Has anyone else had this problem? Can the economy (not you) effect your credit score?

Credit scores don't mean a thing so I wouldn't worry about it. It's a way of Equifax trying to get money from us and has no relevance on credit searches.

Every companies credit search works on their own algorithms from your history. I'd be surprised if the 'score' is even available to them.

Bluebirdman_of_Alcathays

I hope you haven't been paying them £15 a month for this needless bit of "information".

Get a marker pen, write down the old score and put the paper on the wall if it makes you feel better, because nobody that is preparing to offer you credit will know or care what it is.

[Deleted User]

I started to see it as lender risks.

Nah, this is why I was partly fascinated as to how I'd get further in the overdraft application as a weekly paid worker on less pay then as a higher but monthly paid worker - applied same time last year
I also enjoy seeing the options that get presented when making payments to the short term loan and how Mr Sunny must weigh up his risks each time, I would like to say I don't take any notice of the scoring on my credit report although I do know what's on there courtesy to the usual rubbish formed that them who take out PDL's often won't know

forgotmyname

They just didnt want to admit that the score is meaningless. Did you ask which lenders if any user their score?

How can they score you when they do not have all the information required?

Use my free scoring system. I award you 3 hob nobs and a jaffa cake, now the disclaimer*

* eating your credit score will reduce your score and may add pounds to your person.

The_Boss

Jwilkins wrote: »

My credit score has gone down by 30 points for no reason. I contacted Equifax to find out why and they said they didn't know and admitted that there were no changes since I last checked 5 days ago. I was then told it will probably be because the economy has changed.

That's a new one from Experian. They'll say anything to try to justify their pointless random waste of space number that they market as a "credit score" and seemingly even they have no idea why the random number fluctuates :rotfl:

If you subscribe to my £3 credit score, I'll invent a random number for you too but promise it won't be affected by the economy.

MEM62

Jwilkins wrote: »

My credit score has gone down by 30 points for no reason. Oh well.... there was no reason for the original 'score' anyway. I contacted Equifax to find out why and they said they didn't know and admitted that there were no changes since I last checked 5 days ago. Of course they don't know - it's a randomly generated number I was then told it will probably be because the economy has changed. That's as good an excuse as any If that's the case, why have a personal credit file when the economy is just going to change it? I've fought for 12 months to get my credit score up and now it's nearly there to be knocked down again for no reason. Any efforts that you made have made will have absolutely no impact on this score I haven't applied for credit, all my bills are paid on time and I barely use my credit cards. Has anyone else had this problem? Can the economy (not you) effect your credit score?

The credit 'scores' that the CRA's sell you are randomly generated numbers with no meaning. Lenders and other financial institutions so not see them and they have no influence on your ability to borrow.

The only important thing on your credit report is the data. If you use credit responsibly, pay back what you owe when you owe it and you will have no problems.