Clearscore sudden drop in score

[Deleted User]

It doesn't matter - since your rating (score) is irrelevant

Car1980

toph wrote: »

The reason for the concern is that something changed that caused equifax to provide a lesser score and I’d like to understand why.

Of the accounts closed 1 was about 18 months old the other ~6 years.
The 2 remaining CC’s one is ~17 years old the other ~ 6 years old.

I cut my potential debt by £40k still leaving ~£25k with 2 long standing providers. I’d have assumed that was a positive. Including over draft facilities my potential debt was greater than our combined income.

If I reduce my debt exposure to still a healthy amount and a cra looks at it unfavourably, if I encounter a credit issue in the future what am I meant to do to increase my metrics to stand a better chance of gaining credit?

If you have too much credit available you will be seen as a risk. You could fly off to Mexico and never be seen again.
If you have too little credit available you will be seen as an unknown quantity.
If you pay too much back in one go you will be seen as someone that a lender can’t make much profit out of.

Etc
Etc

Now try to create an algorithm that takes all this into account and create a number that factors it all in.

The only information the number can really convey are the obvious bad things that do affect lending decisions - bankruptcy, CCJs, late payments, IVAs and numerous hard searches in a short period.

In addition, Equifax have my incorrect previous address, listing an address from 1999 which I never provided them, and I’m struggling to get them to correct. Knowing there is already a discrepancy with the data they hold on me, I’m wondering if that is a factor in the change of score. Lastly we struggled to re mortgage last year for home improvements with our provider of ~15 years and last 4 properties which had to get escalated to various people for approvals.
I’d just like to understand to ensure I’m not being unduly mis represented by the data they hold that I have limited access to and even more limited ability to correct mistakes with.

Getting a mortgage after MMR is massive nightmare for a lot of people. Your current provider doesn’t care if you’ve never missed a payment - everyone is treated as a new customer now and made to jump through lots of hoops.

toph

Thanks tykesi
Also thanks to everyone that has taken the time to respond.
Car1980 I don’t know what you mean by MMR.

You say obvious bad things but how am I meant to know what’s obviously bad. 1 cra has decided my recent financial behaviour requires a worse score than previous months but I’m to ignore them as the lenders don’t look at the score and look at other things. I understand all that, but what if a lender see’s what the cra hasn’t told me and deny me credit? Currently my only clue that there might be a problem is the lower score the cra have attributed to me based on the info they have and would supply to a lender.

While the score maybe worthless, a reduction must indicate an issue, just as an increase would indicate less risk and higher chance of credit on better terms.

[Deleted User]

toph wrote: »

While the score maybe worthless, a reduction must indicate an issue, just as an increase would indicate less risk and higher chance of credit on better terms.

It really musn't.

It could indicate a change in scoring systems, in economic forecasting, in the weather or simply a new brand of coffee in the canteen.

SuperHan

toph wrote: »

, but what if a lender see’s what the cra hasn’t told me and deny me credit?

The CRA tell you everything they have on you. That's all the information on Clearscore after the score. The score is an interpretation of that very data - they don't know and aren't sharing anything other than that data.


If it's correct, you needn't worry.

toph

Doesn’t explain why clear score are showing my last address as an address I never gave them and isn’t listed in my report. They only show 2 addresses current and previous yet they are showing an address from 4 addresses ago.

They are clearly processing more information on us than they are telling us about.

Also Equifax sent me a couple of copies of my report which exactly match the clearscore report including the score.

There is clearly a discrepancy which is hiligjted by the change in score. By all accounts above, I’ve made positive changes to my profile, so I would expect a more favourable score from the cra. Regardless of what creditors would do with the info, Equifax/ Clearscore are marking me down and I’d like to know why. If it’s all meaningless why are we (society and public at large) letting these CRA’s hold data on us and passing judgment on us by way of their proprietary scores?

If they wish to score us they need to explain why scores de or increase or why we don’t attain top zero. Otherwise they should not have a score, just the data.

[Deleted User]

toph wrote: »

By all accounts above, I’ve made positive changes to my profile, so I would expect a more favourable score from the cra.

You would only expect that to be the case if the score was related to your credit worthiness. It's well established that it's not.

toph wrote: »

If they wish to score us they need to explain why scores de or increase or why we don’t attain top zero. Otherwise they should not have a score, just the data.

They know that people like numbers. Borrowers refuse to look at the data and obsess about the numbers.

They know their market.

badmemory

The definitive answer to the change in your score is - the time before last that you looked at it your bottom jaw was held slightly to your left, the last time you looked it was held slightly to your right. Or youv'e looked more than once so you have a concern, so the fact that you have a concern reduces your (totally meaninless/ficticious) score. Any or all of the above could be correct. Their aim is to get you to cough up cash (and then more cash) for something that you really don't need but they do.

The only question that should concern you is "is the information correct"?

dekaspace

To chip in, I was shocked last year when my score nosedived like 80 points as I moved house, it has never gone back up but never gone down either but I personally have no idea if thats a glitch or not as it tells me I have no credit cards/accounts when I do despite it recording when I got a contract sim at start of year at my new address.

toph

And how do I know if the information they hold on me is correct if they don’t show all of it to me?

As I explained above, they are telling me my previous address is an address I didn’t tell them about and only 2 addresses are on my profile, therefore they have more information on me than they are showing me.

I wouldn’t even be looking at it if it wasn’t for the wrong address, and my score changing despite me paying off and reducing available debt to a sane level.

If my score had improved I’d obviously not have asked the mse community.