My Credit Score is ruined by AI

CreditDonDada1

Credit Score decrease from 890 t0 500 points out of 1000 due to Amex credit limit being reduced from £18000 to £10000 which was a few 100s from my outstanding balance. There were no notification  which cause my credit utilisation being much more than it was.

This also caused a falling dominoes effect on other cards without notice, causing credit utilisation percentage to increase from less than 50%- almost 90% within a month. something which it has never been.

Experian, Equifax and Transunion are the major credit reference agencies using Clearscore, Checkmyfile, Credit Karma and others to collect your data and send to the relevant Lenders, the Lenders do not change your limits but the credit reference agency with the use of AI, do decrease your limits.

All payments made on time and always above the minimum, the lenders should have the ability to reverse the decision of the credit reference agency AI decision, and discuss financial situation with the cardholder.
CreditDonDADA

MorningcoffeeIV

I don't think I can find anything in your post which is true or accurate.

Lenders change your limits, not the CRAs.
Your credit score is a made up number than has nothing to do with anything.
Lenders work from risk, which is based on algorithms from behaviours. 'AI' is nothing to do with it - processes are simply automated from the lenders' criteria.
Your utilisation % is simply a mathematical equation, not related to falling dominoes or any other game.
Experian, Equifax and Transunion don't collect data from Clearscore, Checkmyfile, Credit Karma. They receive it from lenders. 

Improve your credit worthiness by clearing your card in full each month - not carrying 10k of debt. Demonstrate that you're not reliant on credit.

DullGreyGuy

CreditDonDada1 said:

Credit Score decrease from 890 t0 500 points out of 1000 due to Amex credit limit being reduced from £18000 to £10000 which was a few 100s from my outstanding balance. There were no notification  which cause my credit utilisation being much more than it was.

This also caused a falling dominoes effect on other cards without notice, causing credit utilisation percentage to increase from less than 50%- almost 90% within a month. something which it has never been.

Experian, Equifax and Transunion are the major credit reference agencies using Clearscore, Checkmyfile, Credit Karma and others to collect your data and send to the relevant Lenders, the Lenders do not change your limits but the credit reference agency with the use of AI, do decrease your limits.

All payments made on time and always above the minimum, the lenders should have the ability to reverse the decision of the credit reference agency AI decision, and discuss financial situation with the cardholder.

Your credit score, in the UK, is snake oil. No lender sees it or uses it. Thats how Experian did their offer last year of sell them more of your data for an instant boost in the random score that doesnt mean anything. Matters are different in other countries outside the UK. 

Lenders exclusively change your limit, they may or may not use data from the CRAs and may or may not use AI to make the decision. It is then reported back to the CRAs when the next update happens. 

mcpitman

CreditDonDada1 said:

Credit Score decrease from 890 t0 500 points out of 1000 due to Amex credit limit being reduced from £18000 to £10000 which was a few 100s from my outstanding balance. There were no notification  which cause my credit utilisation being much more than it was.

This also caused a falling dominoes effect on other cards without notice, causing credit utilisation percentage to increase from less than 50%- almost 90% within a month. something which it has never been.

Experian, Equifax and Transunion are the major credit reference agencies using Clearscore, Checkmyfile, Credit Karma and others to collect your data and send to the relevant Lenders, the Lenders do not change your limits but the credit reference agency with the use of AI, do decrease your limits.

All payments made on time and always above the minimum, the lenders should have the ability to reverse the decision of the credit reference agency AI decision, and discuss financial situation with the cardholder.
CreditDonDADA

Pretty much everything on here is incorrect or inaccurate.

CRA's have nothing, and I repeat once more for clarity, nothing to do with your credit limits.

Lenders are the only ones who will change your credit limit, and there is normally a reason based on risk.

It is true that CRA's send data to lenders, in the form of scorecards and risk calculators, far from anything you would see in the public domain and heavily protected third party agreements are in place. Again the lender makes the decision, not the CRA.

CreditDonDada1

MorningcoffeeIV said:

I don't think I can find anything in your post which is true or accurate.

Lenders change your limits, not the CRAs.
Your credit score is a made up number than has nothing to do with anything.
Lenders work from risk, which is based on algorithms from behaviours. 'AI' is nothing to do with it - processes are simply automated from the lenders' criteria.
Your utilisation % is simply a mathematical equation, not related to falling dominoes or any other game.
Experian, Equifax and Transunion don't collect data from Clearscore, Checkmyfile, Credit Karma. They receive it from lenders. 

Improve your credit worthiness by clearing your card in full each month - not carrying 10k of debt. Demonstrate that you're not reliant on credit.

Many thanks for your comments but Im only echoing what I've been told from the Lenders, all the Lenders stated that I should speak to Experian or Equifax as they had received data from them.

MorningcoffeeIV

That's absolutely correct.

Lenders use the data as part of their decision making.

That's not the same as CRAs lowering limits or anyone seeing the pretend credit scores orr any of the other stuff you posted.

Lenders make the decisions. Not Experian, Equifax or ChatGPT.

CreditDonDada1

Not what the Lenders stated.

MorningcoffeeIV

You didn't speak to a lender.

You spoke to a call centre agent. The people on the phones typically don't know much more than the customers.

Whatever nonsense they told you doesn't change reality.

eskbanker

CreditDonDada1 said:

the Lenders do not change your limits but the credit reference agency with the use of AI, do decrease your limits

Think about it - if you're in the business of lending money, why on earth would you let an independent third party decide how much money you were allowed to lend?!

penners324

Clearing the £10k Amex debt would fix your utilisation rate.

Would has been said by others is correct.

DiamondLil

(Sigh) when even the so-called 'experts', such as the mortgage advisor interviewed on BBC Breakfast recently, are telling folk to "check their credit score" before applying for / renewing their mortgage, it's little wonder that those folk believe in the fairy tale figures.