Back on the Electoral Roll Equifax Score went down!

greyroofer

I know the score is hogwash and shouldn't ever be used, other than to have a helpful random number for choosing what track to listen to on the jukebox.

It makes me laugh - i was added to the electoral roll - goes from red to amber (another nice touch) and then bam! Score went down. Nothing changed other than this.

The whole thing is a scam.

Ben8282

Of course
So the punter will be eagerly waiting with his payment next month ....
to see if it has increased .....

greyroofer

I cancelled my 'subscription' last month and it ends this week....

PixelPound

greyroofer wrote: »

I cancelled my 'subscription' last month and it ends this week....

Did you cancel because your score went down and you realised it was nonsense.

I find it amusing, and I include myself in this group, but there are many people who realise its a useless number but still like to know whether its gone up or down month to month. I don't pay any subs but I do check the free sites. It must be something in the human psyche that we like to have a confirmation we are doing something right. :rotfl:.

austonic

I received an email from Clearscore (a free but not especially detailed service) this morning:

Your ClearScore has gone down - find out why

Seems paying off my mortgage and secure loan and changing address are bad. Weird!

Yawn

Plus they all report entirely different scores: I'm fair (3/5) with Noddle, good with Experian and excellent (or 'going strong' or whatever?) with Clearscore... It feels like joining Weightwatchers but with three different point systems.

TheShape

austonsmaydrydr wrote: »

I received an email from Clearscore (a free but not especially detailed service) this morning:

Seems paying off my mortgage and secure loan and changing address are bad. Weird!

Not weird at all really.

All three things you've mentioned could be seen as a negative to some providers of credit. Or to put it another way, having a mortgage, a secured loan and a long term address can all be seen as signs of stability which many lenders place a value on. ClearScore just gives those changes a value when working out their numbers.

Whether there is actually any tangible negative effect is only something you will know when you next apply for credit and it's not ClearScore's number that will have the effect.

MHOWARD_2

I know literally nothing about credit, but these numbers are hilarious. Equifax I'm 73, Experian I'm well over 700 and Noddle cannot even give me a score. I was more confused after reading my reports than when I started

Stigy

I think ordinarily it would be wrong for people to dismiss the score itself entirely, as for the layperson it can serve as a useful indicator as to how lenders might view them. Having said that, for this to work, I think the scoring needs to be consistent across all CRAs as long as the information each of them hold matches of course. For example it's no good Experian saying you're in an excellent place, yet Equifax saying you're poor if their reporting matches.

GingerBob_3

Stigy wrote: »

I think ordinarily it would be wrong for people to dismiss the score itself entirely, as for the layperson it can serve as a useful indicator as to how lenders might view them. Having said that, for this to work, I think the scoring needs to be consistent across all CRAs as long as the information each of them hold matches of course. For example it's no good Experian saying you're in an excellent place, yet Equifax saying you're poor if their reporting matches.

The underlying problem here being, of course, that in the UK we have to suffer three CRAs. Come the great reform - if it ever happens - there will be just one licence available for credit reporting in the UK. And whomever is awarded the licence will be properly and robustly (sorry for the cliche) regulated.