Credit score checks

ChrisWood

Are credit score checks via 3rd party agencies worth a jot ???

I have just checked my Experien credit report via the MSE 'Credit Club': Score 746 ''fair'
2nd check through Experiens site directly: Score 971 'excellent'
Ok, you may expect a slight difference as the score via 'Credit Club' may be a little out of date, but a difference of nearly 200 points !!
What is the reason for such a huge difference ?

CW

nick74

ChrisWood wrote: »

Are credit score checks via 3rd party agencies worth a jot ???

Nope, and the ones direct from the credit reference agencies themselves aren't worth a jot either.

Check the details on your files are correct, but totally ignore any score the CRAs give you.

yksi

Sticky thread in this section https://forums.moneysavingexpert.com/discussion/4974939/what-your-credit-score-really-means

The HISTORY is worth checking. The scores are not, they are made up numbers created by websites to sell you "credit-building" products such as lovely pretty websites showing ways to build your worthless credit score (which lenders do not see).

The score, however, will broadly indicate how solid your history is, and it's worth keeping an eye on it as any dramatic change tells you to check your statutory reports for something being wrong.

The reason there's no such thing as a good score is that some lenders want to see no debt, some want to see that you're in high debt and offer you a high interest rate, some like people who already have a mortgage and offer you secured products, etc. But broadly speaking you should avoid amassing hard checks (these are from applying for credit), you should keep accounts open as long as possible and not switch accounts too often, CCJs and defaults and ARs are bad, electoral roll and a long stable history at one address are good.

torrence

I had a query and decided to check my credit rating recently and did the same exercise with the credit agencies.

https://www.experian.co.uk/consumer/experian-credit-score-report.html
https://www.creditexpert.co.uk/advice/free-credit-report
https://www.equifax.co.uk/Products/credit/credit-score.html

Experian offered 2 services and I reached the conclusion it was just the same data rebranded.

I got different scores from each agency. For the credit agencies it looks like the score is just a product that can be sold.

I thought that if you run a business it could have links to your personal credit record but rather than pay for a company report I got a rough idea how agencies rate company credit checks for free.
https://www.firstreport.co.uk/Free-Company-Credit-Check.aspx

To me the scores are just packaging. I would pay for a full report to check the file for errors but not put much importance on the score.

DCFC79

torrence wrote: »

I had a query and decided to check my credit rating recently and did the same exercise with the credit agencies.

https://www.experian.co.uk/consumer/experian-credit-score-report.html
https://www.creditexpert.co.uk/advice/free-credit-report
https://www.equifax.co.uk/Products/credit/credit-score.html

Experian offered 2 services and I reached the conclusion it was just the same data rebranded.

I got different scores from each agency. For the credit agencies it looks like the score is just a product that can be sold.

I thought that if you run a business it could have links to your personal credit record but rather than pay for a company report I got a rough idea how agencies rate company credit checks for free.
https://www.firstreport.co.uk/Free-Company-Credit-Check.aspx

To me the scores are just packaging. I would pay for a full report to check the file for errors but not put much importance on the score.

No the scores don't really mean much, lenders don't see them, they see the history, as long as the history is correct then that's all that matters.