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Experian changed how they score you
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Psmith77
Posts: 6 Forumite
I discovered a few days ago that Experian have changed the way in which they credit score you. Imagine my horror that I went from having an excellent score to a poor score overnight with nothing changing on my records.
Anyone else have this problem?
Anyone else have this problem?
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Comments
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Apparently, yes.
Fortunately, the new score is as irrelevant as the old one, so at least there is consistency in their scoring in that regard.0 -
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If their scoring is irrelevant then why are people paying £14.99 per month to see their score ? Doesn't most financial institutions use Experian to credit check people?0
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People don't pay £14.99 for the score, they pay for the credit record0
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Yes I agree to a point but they score you based on your record. It's a bit misleading if one day you have a score of 918 and the next they state it 607. Part of the reason you pay for this service is that their score reflects how lenders would score you, hence mialeading0
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Yes I agree to a point but they score you based on your record. It's a bit misleading if one day you have a score of 918 and the next they state it 607. Part of the reason you pay for this service is that their score reflects how lenders would score you, hence mialeading
Can you show me where is says anywhere that their score reflects how lenders score you?
http://www.experian.co.uk/consumer/credit-education/what-is-a-credit-score.html
http://www.experian.co.uk/consumer/credit-education/common-credit-myths.html?intcmp=popout_creded_improverating
. They don’t make decisions; that's up to lenders, who check the information in your report along with other information such as items from your application. Most will then use this information to calculate your credit score, to help them decide whether to offer credit.0 -
Their score bears little resemblance to how lenders would score you, and you're the only who sees it.
All that matters is the data held on your file.0 -
So their credit matcher is pointless then?0
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The credit matcher matches you to lenders depending on what they have scored you0
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