Experian/Credit Expert Query

bintie22

Blimey, i seem to be posting on here an awful lot at the mo - must be cos it's such a fab place for advice and help!!

I've got a DMP with Payplan, which is ticking along quite nicely. 2 of my creditors (Smelly Egg and Barclaycard) have registered Defaults against me, as a result of that, but I kind of expected that anyway. Defaults were both registered 09/2006.

I've got free access to Credit Expert by Experian for 12 months, and have just checked my credit score. It's gone from Very Poor (Never darken our doorstep again) 8 months ago, through to Poor, 3 months ago, to Fair as of today!

I'm just really, really suprised! Should i be pleased? Do banks/lenders take any notice of this, or will they still just see the Defaults and tell me i'm not worthy :rolleyes:

Ta x

fermi

The "credit score" that you will get from Experian/CreditExpert really doesn't mean very much. :rolleyes:

Have a read through this article:

Link: Your Credit Rating: How it works and how to improve it

Are the additional services worth keeping?

If you're looking just to check your credit reference data, there's no need for all the additional guff. Yet if you're interested in delving deeper, some of the additional services can be partially useful:

• Buy your ‘credit score/rating'. Regardless of how they sell it, this is just a rough estimate of your generalised credit profile; usually based on just one agency's data. It can be useful though in highlighting credit history flaws.
  
  While earlier I said, “there's no such thing as a credit rating”, actually around 30% of lenders do use an agency's ‘rating' as a part of their scoring process. This feeds into their own application form data, past dealings and other info, to build their final credit score.
  
  So there is some merit, but it's quite woolly. Remember every lender scores you differently; the ‘rating' is just one stat and never the be-all and end-all; especially if you've had an existing relationship with the bank.

bintie22

Cheers Fermi, one step forward, two back eh!

in2deep_2

May i jump in here please.

Why is it that if i pay equifax for a credit report it doesn't show my monthly outgoings but if a bank or CC do a check they are able to tell me what my payments are.....why are they allowed information that i cant have.

lucyyy_2

good question^^

another question if sum1 can answer....whats the most common report creditors use? as i dont want to pay for both unecessarily