Experian changed how they score you

Psmith77

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?

[Deleted User]

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.

glentoran99

Psmith77

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?

Just_a_Girl_2

People don't pay £14.99 for the score, they pay for the credit record

Psmith77

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

glentoran99

Psmith77 wrote: »

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.

[Deleted User]

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.

Psmith77

So their credit matcher is pointless then?

glentoran99

Psmith77 wrote: »

So their credit matcher is pointless then?

Not necessarily, but the credit score is

Psmith77

The credit matcher matches you to lenders depending on what they have scored you