Credit scores so different why ?

M30SLB

Hi I have activated all my accounts in all the sites and they differ widely. Martin is showing me as excellent while Equifax and totally money showing me as poor credit rating. All these sites show the same account details. How can I get them to be the same. I desperately need a new car so that I can get to work as its over 30 miles away but how can I secure finance to do this when my credit ratings differ so much please help thank you :eek:

Willing2Learn

Have you checked the data (for accuracy) across all three credit files? When you double-checked the data on your 3 credit files, did you find anything negative in there?

Edit: And welcome to the forum

sourcrates

I feel like a worn out old record having to say this yet again, but.....made up credit scores are not to be taken as a measure of your credit worthiness.

CRA`s do not lend money, so who cares what score they give you.

Lenders use their own scoring system to decide if you are a good risk or not, the numbers you see on your credit file are "for your eyes only Mr bond", no one else can see them.

M30SLB

No they have all the same accounts on there same history. So at a loss think I'll be buying a cycle to get to work at this rste 🤦!♀️ thank you for you reply.

[Deleted User]

M30SLB wrote: »

So at a loss think I'll be buying a cycle to get to work at this rste .

On what basis have you decided you cannot get a loan?

I'm not suggesting it's a good idea to get one, but you haven't given any reason as to why you believe you are so high risk.

M30SLB

I was told by our financial advisor that I was unlikely to get a car loan as when she searched high street lenders it was a no. So hence I started looking at my credit file and that's why I was surprised to be told in this site I m classed as good credit rating and the other sites poor . Perhaps I need to find a lender that uses Experian and I'll be ok ��

sourcrates

M30SLB wrote: »

Perhaps I need to find a lender that uses Experian and I'll be ok ��

Without wanting to repeat myself, ignore the scores, look at your credit history, do you have a history of late payments/any defaults/insolvencies etc, are you on the electoral role ?
Have you got a stable address history ?
Any fraud markers on your file ?

You need to go looking for whats causing you the problems, don`t just rely on some stupid irrelevant number to put you off, its obvious there is a problem, you need to find it.

NaughtiusMaximus

sourcrates wrote: »

Without wanting to repeat myself, ignore the scores, look at your credit history, do you have a history of late payments/any defaults/insolvencies etc, are you on the electoral role ?
Have you got a stable address history ?
Any fraud markers on your file ?

You need to go looking for whats causing you the problems, don`t just rely on some stupid irrelevant number to put you off, its obvious there is a problem, you need to find it.

Good advice, other factors which will make you less desirable to lenders are:

Multiple recent searches
High credit utilisation (ie close to your limit on all your credit cards)
No credit history at all

ChrisWood

Don't rely on Credit Club for an accurate score. I used Credit Club recently and had a difference of nearly 200 hundred (two hundred) points lower than when I got my score from Experien site directly. Credit Club is not fit for purpose. I emailed MSE about it and they replied with some very weak excuses as to why the score can differ. Herewith part of their reply, which emphasises it does not work !

Although the credit reference data which Experian holds about you will not change based on the service you're using, there are a few reasons why you may see different a different score when using Credit Club compared to another Experian service.

Some common reasons for differences in the Experian Credit Score include:
- Timing - your Credit Club information updates every 30 days, so may be more (or less) up to date than a score found elsewhere.
- Information - differences in personal information provided at registration can results in a different match-up of information on the credit file. For example the amount of address history provided can have a negative or positive impact, depending on the information which this matches to.
- Formatting - Also, the format of your current address must be correct in order to ensure that all of your information is being pulled onto your report. For example if your flat number is being inputted as your house / building number on some of your accounts and then the other way on your membership then this may cause the information to differ.

- You may also wish to ensure that your name has been inputted in the same way on your membership as on your accounts and financial information so that the system can match this. For example if your name is hyphenated on an account but shows as a first name then middle name on your membership then this account may not appear on your report.

RG2015

NaughtiusMaximus wrote: »

Good advice, other factors which will make you less desirable to lenders are:

Multiple recent searches
High credit utilisation (ie close to your limit on all your credit cards)
No credit history at all

When you say multiple recent searches do you mean credit application searches?

It is not clear here that you don't include soft searches which cannot be seen by potential lenders.

A_Lert

"Scores" in the UK are indicative only, because there are no standard scoring methods used - each lender has their own.


As Martin Lewis mentioned recently there's also two parts to a lender's decision. There's the credit check based on your history of borrowing, and also the affordability check which is more based on your income and expenses.



Do eligibility checks for the finance options you're looking at. Depending on your budget and needs there are various types of car finance agreements, or a personal loan, or even a credit card might be an option. If you're getting a new job that will pay more, tell the lender that if possible.