Clearscore/Equifax reduced my credit score even though the bank removed the hard search!

Amanna

Hi all, I hope you can help. I checked my credit scores today, to find out that my clearscore/Equifax had dropped by 30 points, because HSBC added and then immediately removed a hard search they had carried out in January, when I applied for a foreign currency account. My report shows both the addition and removal happened on the same day, yet my score still dropped. Can I challenge this, since it was clearly a mistake on HSBC's part, and they tried to make sure it didn't impact my score? My score has only just come out and won't update automatically for another 30 days. TIA for your advice!

teachfast

Score is a made up figure only seen by the agency themselves. Ignore it. You can't challenge it because it is meaningless.

The_Fat_Controller

Did Equifax actually tell you why your score changed ?
If so, you'll be the first person on the forum to get a definitive answer LOL !
My score with them went up following a hard search on taking out £13,500 worth of car finance.
I think it depends on which way someone farts in the wind.

Amanna

@The_Fat_Controller tbf, I haven't contacted Equifax, I just mentioned them because they're the CRA Clearscore's credit updates come from. You're right though - I've tried to get backdated credit scores from them in the past, and it's like pulling teeth.

It's really annoying to have it drop for no real reason. Hopefully it will go back up to where it was before next month.

jpsartre

Have a look at the first reply again.

Amanna

@jpsartre that depresses me. But I get what you're both saying. Thank you.

Alex9384

Amanna said:

@jpsartre that depresses me. But I get what you're both saying. Thank you.

In the UK you don't have a credit score. Every bank have their own internal scoring system and they score you secretly, based on information on your credit reports and the info you provide during application. You can't see their internal score and they can't see your "score" from credit reference agencies. It's just a gimmick designed to sell you products for improving this meaningless number. Furthermore, these scores drop and rise randomly. It happened to me a million times.  If there is a BIG drop, check your credit REPORTS if there is something suspicious. Check all 3 credit reports, not just one. And do it every month.

My Experian "score" dropped 129 points when I applied for several new accounts. Next month this score increased by 128 points. It's a joke.

Amanna

@Alex9384 thanks for that. I do check all three scores and credit reports every month, that's how I saw it drop. The other two went down in January when I first applied for the foreign currency account, and came back up a few months later, while Clearscore stayed up the whole time. I guess you're all right, it is very arbitrary.

[Deleted User]

The CRAs want to normalise credit scores so they can push us towards a US style system where your score is the be all and end all of your life, you can literally predict if you will get a card or not over there based on your score as they will do something like this:

Card A has 4 tiers:

Platinum you must have a score between 999-900

Gold score 899-750

Silver score 749-600

Bronze 599-500

Below 499 = instant refusal

Amanna

Deleted_User said:

The CRAs want to normalise credit scores so they can push us towards a US style system where your score is the be all and end all of your life, you can literally predict if you will get a card or not over there based on your score as they will do something like this:

Card A has 4 tiers:

Platinum you must have a score between 999-900

Gold score 899-750

Silver score 749-600

Bronze 599-500

Below 499 = instant refusal

Tbh, I thought that was already the system in practice, if not officially.

teachfast

Lenders cannot see the scores here in the UK so it can't be the system in practice.