MSE News: Your Experian credit score might be about to drop

MSE_Kit

Credit reference agency Experian will soon give you a credit score out of 1,250, instead of the current 999, it has announced. Yet, while your Experian credit score's likely to drop as a result of the change, this WON'T affect the underlying data on your credit report – and it's that data (not your score) that lenders use to decide whether to offer you credit.

Read the full story: 

'Your Experian credit score might be about to drop – but remember it's what's on your credit FILE that really counts'

If you haven't already, join the forum to reply.

Grumpy_chap

Why would the change mean the "score" drops?
One would assume that behind the number it is a percentage, so an individual with a score of 800 out of 999 would become 1,001 out of 1,250?

mjm3346

Your meaningless Experian credit score may drop - yes the number they make up may change

nrmsmith

My category description will drop from Excellent to Fair.  Which is just not Fair!  But at least it gives the lie to how pointless it all is/was.

dumpster_fire2025

nrmsmith said:

My category description will drop from Excellent to Fair.  Which is just not Fair!  But at least it gives the lie to how pointless it all is/was.

Lenders don't care about how a non-lender views your creditworthiness. They make their own judgements based on the data.

ManyWays

nrmsmith said:

My category description will drop from Excellent to Fair.  Which is just not Fair!  But at least it gives the lie to how pointless it all is/was.

How do you know this, are you one of the first group to see the updated numbers?

j_w_s

My Experian and Expedia scores have just been 'revised' and have dropped from the maximum to a few points below the maximum, seems I am no longer the good bet I used to be.I can get back to 100%, but it will cost me money by upgrading to one of thier subscriptions.
Is this revision just a marketing expercise to get those to actually beleive in credit scores to pay out to boost thier scores a bit. I think this is one aspect that should be investigated, why have they actually changed the scoring system and why should someone with a perfect score on the old system now be downgraded, yet can get back a perfect score if they pay for upgrading? What value has a credit scoring system that you can pay for.
The other way it seems you can boost your score is to allow them to trawl your bank account by giving them your account password, my bank says never give out your password, if I give it to them where do I stand if my account is hacked, say for example one of the credit rating companies is hacked and your details get into the wrong hands and your bank account is then accessed, who is liable? I think I will be keeping my bank account details to myself, it is simpler.

ManyWays

A drop of a few points makes no difference at all, and anyway lenders don't even see this score that Experian calculates. 

martinbainbridge1975

mine was 999, its now 1054/1250, its a made up number lenders dont see

purplevamp

martinbainbridge1975 said:

mine was 999, its now 1054/1250, its a made up number lenders don't see

Similar to me.  Mine was 999, now it's 1103.  Nothing's changed, I haven't taken anything out or been late with payments.  Stupid system.

Nasqueron

purplevamp said:

martinbainbridge1975 said:

mine was 999, its now 1054/1250, its a made up number lenders don't see

Similar to me.  Mine was 999, now it's 1103.  Nothing's changed, I haven't taken anything out or been late with payments.  Stupid system.

So long as you understand the "score" is irrelevant