Experian credit boost?

mrseff_2

Hi all

Not sure if I'm posting this in the right place so please move if it's not right here! I have been watching my credit score closely - repairing some issues I've had over the last few years and gradually building the number up again. It was never dreadful but not as high as I wanted. I have recently bought a house so the score took a slight tumble but was coming back up again.

I was messing about on the Experian site and went on to the Boost bit where as far as I can tell you can pay to have some extra points added to your score. I was never going to pay money but went to the last point before entering payment details just out of idle curiosity. Fine, left it alone went off to do something more worthy of my time!

Less than a week later my credit score tumbled, nay, crashed by 350 points. No adverse events, no new credit. It's not changed on Karma etc. Is this a bloody awful sales tactic to panic me in to forking out for a 'fix'? If so is that not financially immoral?!

I'm not in a panic myself as it will rebuild in time and I'm planning no big purchases for a looooong time. But this is wrong isn't it?

SusieT

Please ignore any points, scores or other sales tactics. A lender will only be interested in your history, and will have their own requirements for lending. Personally I think it should be illegal to sell points or offer scores without clearly and obviously stating that they are useless. 
When the credit reference agencies start lending people their money, then the score will have a purpose, until then look at the history, pay on time, do not over borrow, make sure you are on the electoral roll and all will be good.
I could have a score of 1 and be able to borrow 10k, it is also possible that I could also have a score of 1000 and not get a card with 100 limit

sourcrates

You are aware that the credit score number that you see, is for your eyes only aren't you ?

Its just a marketing gimmick the same as the "score boost" scam they now try to flog you. The main CRA`s are all credit brokers, they try to match financial products to people with certain scores, so your score may fluctuate in order to make that happen, the whole system is geared to making money for them, they are a business after all, and have to source funds from somewhere.

Credit reports can be had now for free, so the credit reference agencies had to come up with another way to generate income, so invented "Experian Boost" just another method to make money from you, that's all it is.

The credit score algorithm is designed to go either up or down with any change, good or bad, at best its a slight indication of your credit worthiness, at worst its like checking your horoscope.

Lenders use their own, private scoring system`s to check if you meet their requirements for lending or not.

So follow the advice from the poster above and ignore your score.

mrseff_2

Thank you both for your responses - Yes, I do understand (but only through the mortgage application process from last year) that the scores are largely ignored by credit agencies etc. So for myself I'm not particularly worried as my financial 'behaviour' is now good and efficient. I was just surprised that after messing around with this my score dropped by 350 points with no activity to suggest why other than this (no credit applications, defaults anything). It's fluctuated over the last 12 months but by a maximum of 20 points and that was just after had got my mortgage...

[Deleted User]

mrseff_2 said:

Thank you both for your responses - Yes, I do understand (but only through the mortgage application process from last year) that the scores are largely ignored by credit agencies etc. 

Not largely.

Entirely. 

Your horoscope is a better predictor of your credit worthiness. So use that instead - unless of course you're a Capricorn and it's a Tuesday.

Vinknut

Experian "Boost" is just linking to your current account - so they can harvest more information to sell on to credit lenders.  You don't have to pay for it.

Ignore your score, no-one but you can see it.  If it's taken a hit it's worth checking other details and checking with other credit agencies to see if something new has appeared that you need to address.

OR

They might have simply changed the magic number generator and you've now got the wrong number of vowels in your surname.

fatbelly

Vinknut said:

Experian "Boost" is just linking to your current account - so they can harvest more information to sell on to credit lenders.  You don't have to pay for it.

Ignore your score, no-one but you can see it.  If it's taken a hit it's worth checking other details and checking with other credit agencies to see if something new has appeared that you need to address.

OR

They might have simply changed the magic number generator and you've now got the wrong number of vowels in your surname.

In fact if you go through Quidco or topcashback you can be paid for signing up.

But I'm not sure I'd want Experian to have any more access to my financial data than it already does.