Confusion between credit ratings

siross

Hi all,

My wife and I are currently looking at buying a new home and I've checked my credit reports to check how they look. Noddle looks good, above average and all green.

MSE Credit Club looks good too with a score of 962/999

However, Experian is showing as Fair, 789/999.

I understand they're all just a snapshot in time (free products) but both Experian and MSE CC have been updated within a couple of days of each other. In fact MSE CC is the most up to date.

If they use the same information, what could be the difference in the figures?

I'm not overly concerned as we've passed the mortgage in principal decision for our house, it's just out of curiosity really...

HaveAGo

Calling them a snapshot in time is giving them more credit than they are worth.

Ignore the scores, they are a gimmick.

[Deleted User]

The scores aren’t real.

Just make sure the data on your credit files is up to date and correct

MallyGirl

siross wrote: »

If they use the same information, what could be the difference in the figures?

They don't all use the safe info - not every lender reports to all 3 CRAs so that is why the recommendation is to check all 3.

Make sure all the facts shown are correct and ignore the numbers.

sourcrates

Credit scores were the brain child of the Americans initially, and like bad lager, and dodgy burgers, made there way over here, and to the rest of the English speaking world eventually.

They use complex computer algorithms to generate this number, using the information on how you use credit, and various other factors.

The thing you must remember is that the credit reference agencies do not lend money, so the score they generate has little meaning in the real world, as lenders use there own scoring methods.

siross

Thanks for all the replies, it appears I was stressing over nothing.

All information is correct

Thanks again.