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Out of date credit card balances

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  • DBdoobydoo
    DBdoobydoo Posts: 157 Forumite
    Fifth Anniversary 100 Posts Name Dropper
    edited 17 June 2022 at 12:38AM
    molerat said:
    Just wait,mine show anything from 30 Apr to 1 Jun, they will update eventually and can be up to 2 months out of date due to reporting cycles.  Your score is of no relevance in the real world so don't get hung up on it.

    Why do you say that my score is of no relevance? My credit score for Transunion & Experian is obviously decreased by the incorrectly reported credit balances. Are you saying that if I apply to a lender who uses Experian who overstate my borrowing by 33% that this will have no effect on the likelihood of them offering me a loan? If so what is the point of lenders using credit reference agencies? They might as well just throw dice to decide on eligibility.
    It may be helpful for you to read the sticky post at the top of this forum - "what your credit score really means".

    The score per se isn't relevant but obviously the credit score each credit reference agency gives me reflects my credit history according to their records. Equifax have my credit history recorded correctly while Transunion & Experian have my credit history recorded incorrectly to my detriment. The good credit score Equifax give me reflects the higher likelihood of me obtaining a loan or credit card from a company that uses Equifax to view my credit history. The worse scores given to me by Transunion & Experian reflect the lower chance of me obtaining a loan or credit card from a company that uses either of these CRAs.
    Nearly there, but not quite - the CRA score represents / reflects how they see you and how they think lenders will see you. However, they do not lend you money and they obviously cannot confirm how a lender will rate you. You might have a 999 score on Experian but if you applied for say a Newday or Aqua card, they might reject you as you are not their target market. Equally you might have a 500 score and get a top end AmEx card if they wanted to expand their account holding in a certain market.

    Unfortunately you are still repeating the myth of credit score having meaning:

    "The good credit score Equifax give me reflects the higher likelihood of me obtaining a loan or credit card from a company that uses Equifax to view my credit history"

    No it doesn't. It doesn't reflect the likelihood of anything as the score is meaningless and is never seen by a lender.

    Please can you explain why you think that Transunion & Experian having my credit history recorded incorrectly to my detriment will not affect my chances of obtaining a loan or credit card from a company that uses either of these CRAs to obtain my credit history?
    You're mixing up score with credit history.  The score is of no relevance at all, your credit history is important.  As stated previously, changes do take some time to filter through to the CRA.  Added to which, the data you see on the free report is never completely up-to-date (unlike the paid-for data which a lender will see).  Unless you're looking for additional credit in the very near future, don't worry about it - it'll get updated in due course.


    I'm not mixing up my score with credit history however the score they give me reflects the history they hold. If I have defaults or CCJs or am overstretched on borrowing they will give me a low score. Likewise if my credit history is prudent & impeccable they will give me a high score. In the former case my chances of credit are low while they are high in the latter.

    Transunion & Experian give me a low score because they have my credit history recorded incorrectly to my detriment. Equifax give me a good score because they have my credit history recorded correctly.


  • Ebe_Scrooge
    Ebe_Scrooge Posts: 7,320 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    molerat said:
    Just wait,mine show anything from 30 Apr to 1 Jun, they will update eventually and can be up to 2 months out of date due to reporting cycles.  Your score is of no relevance in the real world so don't get hung up on it.

    Why do you say that my score is of no relevance? My credit score for Transunion & Experian is obviously decreased by the incorrectly reported credit balances. Are you saying that if I apply to a lender who uses Experian who overstate my borrowing by 33% that this will have no effect on the likelihood of them offering me a loan? If so what is the point of lenders using credit reference agencies? They might as well just throw dice to decide on eligibility.
    It may be helpful for you to read the sticky post at the top of this forum - "what your credit score really means".

    The score per se isn't relevant but obviously the credit score each credit reference agency gives me reflects my credit history according to their records. Equifax have my credit history recorded correctly while Transunion & Experian have my credit history recorded incorrectly to my detriment. The good credit score Equifax give me reflects the higher likelihood of me obtaining a loan or credit card from a company that uses Equifax to view my credit history. The worse scores given to me by Transunion & Experian reflect the lower chance of me obtaining a loan or credit card from a company that uses either of these CRAs.
    Nearly there, but not quite - the CRA score represents / reflects how they see you and how they think lenders will see you. However, they do not lend you money and they obviously cannot confirm how a lender will rate you. You might have a 999 score on Experian but if you applied for say a Newday or Aqua card, they might reject you as you are not their target market. Equally you might have a 500 score and get a top end AmEx card if they wanted to expand their account holding in a certain market.

    Unfortunately you are still repeating the myth of credit score having meaning:

    "The good credit score Equifax give me reflects the higher likelihood of me obtaining a loan or credit card from a company that uses Equifax to view my credit history"

    No it doesn't. It doesn't reflect the likelihood of anything as the score is meaningless and is never seen by a lender.

    Please can you explain why you think that Transunion & Experian having my credit history recorded incorrectly to my detriment will not affect my chances of obtaining a loan or credit card from a company that uses either of these CRAs to obtain my credit history?
    You're mixing up score with credit history.  The score is of no relevance at all, your credit history is important.  As stated previously, changes do take some time to filter through to the CRA.  Added to which, the data you see on the free report is never completely up-to-date (unlike the paid-for data which a lender will see).  Unless you're looking for additional credit in the very near future, don't worry about it - it'll get updated in due course.


    if my credit history is prudent & impeccable they will give me a high score.

    They'll also give you a high score if you're bankrupt.  Or if you have no credit products at all.  For the umpteen-th time, your score is total hogwash, and bears no relation whatsoever to how a lender will view you.
    Quite apart from anything else, each lender will have very different, very complex (and confidential) lending criteria.  For that reason alone, there cannot possible be a "one-size-fits-all" score.

  • molerat said:
    Just wait,mine show anything from 30 Apr to 1 Jun, they will update eventually and can be up to 2 months out of date due to reporting cycles.  Your score is of no relevance in the real world so don't get hung up on it.

    Why do you say that my score is of no relevance? My credit score for Transunion & Experian is obviously decreased by the incorrectly reported credit balances. Are you saying that if I apply to a lender who uses Experian who overstate my borrowing by 33% that this will have no effect on the likelihood of them offering me a loan? If so what is the point of lenders using credit reference agencies? They might as well just throw dice to decide on eligibility.
    It may be helpful for you to read the sticky post at the top of this forum - "what your credit score really means".

    The score per se isn't relevant but obviously the credit score each credit reference agency gives me reflects my credit history according to their records. Equifax have my credit history recorded correctly while Transunion & Experian have my credit history recorded incorrectly to my detriment. The good credit score Equifax give me reflects the higher likelihood of me obtaining a loan or credit card from a company that uses Equifax to view my credit history. The worse scores given to me by Transunion & Experian reflect the lower chance of me obtaining a loan or credit card from a company that uses either of these CRAs.
    Nearly there, but not quite - the CRA score represents / reflects how they see you and how they think lenders will see you. However, they do not lend you money and they obviously cannot confirm how a lender will rate you. You might have a 999 score on Experian but if you applied for say a Newday or Aqua card, they might reject you as you are not their target market. Equally you might have a 500 score and get a top end AmEx card if they wanted to expand their account holding in a certain market.

    Unfortunately you are still repeating the myth of credit score having meaning:

    "The good credit score Equifax give me reflects the higher likelihood of me obtaining a loan or credit card from a company that uses Equifax to view my credit history"

    No it doesn't. It doesn't reflect the likelihood of anything as the score is meaningless and is never seen by a lender.

    Please can you explain why you think that Transunion & Experian having my credit history recorded incorrectly to my detriment will not affect my chances of obtaining a loan or credit card from a company that uses either of these CRAs to obtain my credit history?
    You're mixing up score with credit history.  The score is of no relevance at all, your credit history is important.  As stated previously, changes do take some time to filter through to the CRA.  Added to which, the data you see on the free report is never completely up-to-date (unlike the paid-for data which a lender will see).  Unless you're looking for additional credit in the very near future, don't worry about it - it'll get updated in due course.


    I'm not mixing up my score with credit history however the score they give me reflects the history they hold. If I have defaults or CCJs or am overstretched on borrowing they will give me a low score. Likewise if my credit history is prudent & impeccable they will give me a high score. In the former case my chances of credit are low while they are high in the latter.

    Transunion & Experian give me a low score because they have my credit history recorded incorrectly to my detriment. Experian give me a good score because they have my credit history recorded correctly.


    The score they give you can be high or low, however it doesn't matter as no lender ever sees it. No lender ever uses the "score" to determine whether you will get credit or not. 

    The live credit report may well already be updated on Equifax and TransUnion but Experian have just updated their free one sooner (assuming you are not wasting money buying their paid for service).
  • simon_or
    simon_or Posts: 890 Forumite
    500 Posts First Anniversary Name Dropper
    OP, it's just a matter of waiting unfortunately. You are right in that the double-counting of your cc debt can indeed cause issues if you're applying for a mortgage.

    I had the same issue on my Experian report a while ago when I was stoozing and as the vendor was breathing down my neck my broker had to use a lender that only checked Equifax which was reporting it correctly at the time

    The score by itself is pretty meaningless, though if you have a 999 score on Experian it usually means you don't have any recent missed payments, no defaults, no CCJs, are registered on the electoral roll, etc. so can be useful as a very broad indicator.

    In the same vein if it drops precipitously in one go, that may indicate that an adverse marker has been added though equally it could also be something more mundane like a new address or a couple of credit applications.
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