I bought a house and my Credit Score dropped from Excellent to Fair.

DhwERbf689

Bought a house earlier this year (over 6 months ago now) and shortly after that my credit score dropped from excellent (a couple of points away from 999) down to Fair (867).

I'd initially read that changing my address on all my bank accounts etc probably triggered it but that it would update within 3 months and go back to normal but that hasn't happened.

What is actually likely to have caused this or is this likely some sort of error that I need to get fixed?

sourcrates

There is a sticky thread at the top of this forum that explains how credit scoring actually works.

The number goes up or down with any change, credit reference agencies are not lenders, but they are credit brokers, which should tell you all you need to know, so what they think doesn't really matter that much.

Lenders always score you using their own inhouse scoring systems, which the general public are not privy too, so the number a CRA gives you may be some indication of how your credit management is viewed, but its certainly not the be all and end all.

CliveOfIndia

As above, your score will drop in response to any change in your credit circumstance - whether good, bad or indifferent.   A change of address will certainly have had an effect, so will a new mortgage (if indeed you took out a mortgage).

But since the score dished out by the CRAs is not used by - indeed, is not even visible to - lenders, you've nothing to worry about.

MeteredOut

That credit score and your rating are both marketing features only and are not used directly in relation to any future credit you may wish to access.

Unless the change is causing you issues, just ignore it. And if so, its your underlying credit profile that would be the issue, not the number or rating.

eskbanker

DhwERbf689 said:

Bought a house earlier this year (over 6 months ago now) and shortly after that my credit score dropped from excellent (a couple of points away from 999) down to Fair (867).

I'd initially read that changing my address on all my bank accounts etc probably triggered it but that it would update within 3 months and go back to normal but that hasn't happened.

What is actually likely to have caused this or is this likely some sort of error that I need to get fixed?

As above, don't worry about the score, but in any case, if you've just made a major financial commitment then (depending on previous circumstances) it could be an accurate reflection on your headroom to afford further credit?

MEM62

DhwERbf689 said:

What is actually likely to have caused this or is this likely some sort of error that I need to get fixed?

Nothing to fix.  As already advised, no point in stressing over a meaningless number.