Extreme disparity between the credit rating agencies?

shizaster

My credit rating in both Equifax and Noodle is rated excellent while my rating in Experian is poor bordering on very poor. Why would this be?
Having read through the reports on all three the only difference I could find was that Experian has information on a not very sizable loan I had settled 5+ years ago (albeit with several defaults on it before settlement) while the others did not.
Apart from that my financial affairs have been squeaky clean. It seems illogical that this one thing could have such a devastating effect on my rating or is it really that easy to damage?
Does anyone have any specific suggestions as to how this issue can be addressed to improve the Experian rating?

[Deleted User]

Because the scores and ratings aren’t real and are not used by lenders.

You can rest easy on that front.

MallyGirl

shizaster wrote: »

My credit rating in both Equifax and Noodle is rated excellent while my rating in Experian is poor bordering on very poor. Why would this be?
Having read through the reports on all three the only difference I could find was that Experian has information on a not very sizable loan I had settled 5+ years ago (albeit with several defaults on it before settlement) while the others did not.
Apart from that my financial affairs have been squeaky clean. It seems illogical that this one thing could have such a devastating effect on my rating or is it really that easy to damage?
Does anyone have any specific suggestions as to how this issue can be addressed to improve the Experian rating?

Experian has info on a loan with several defaults and then a settlement- that will affect their view of you significantly. Once the bad loan drops off you will see a more rosy picture

DCFC79

shizaster wrote: »

My credit rating in both Equifax and Noodle is rated excellent while my rating in Experian is poor bordering on very poor. Why would this be?
Having read through the reports on all three the only difference I could find was that Experian has information on a not very sizable loan I had settled 5+ years ago (albeit with several defaults on it before settlement) while the others did not.
Apart from that my financial affairs have been squeaky clean. It seems illogical that this one thing could have such a devastating effect on my rating or is it really that easy to damage?
Does anyone have any specific suggestions as to how this issue can be addressed to improve the Experian rating?

Don't get so hung up about the score, lenders don't see it. All that matters is the history is correct.

jimbo26

shizaster wrote: »

My credit rating in both Equifax and Noodle is rated excellent while my rating in Experian is poor bordering on very poor. Why would this be?

You answered your own question here.

shizaster wrote: »

the only difference I could find was that Experian has information on a not very sizable loan I had settled 5+ years ago (albeit with several defaults on it before settlement) while the others did not.

AS others have said your score is a work of fiction, you need to have a a good history of managing credit. That that Experian has evidence that you haven't in the past is the reason why their made up score is lower.