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  • FIRST POST
    • delpy1
    • By delpy1 4th Aug 18, 9:37 AM
    • 38Posts
    • 3Thanks
    delpy1
    Why has my score reduced
    • #1
    • 4th Aug 18, 9:37 AM
    Why has my score reduced 4th Aug 18 at 9:37 AM
    Hi Guys


    My score has reduced twice in the last week down by 7 then 14 for below reason

    One or more of your settled non-mail order credit accounts has been removed from your credit report.
    This has had a negative effect on your Experian Credit Score.



    Any ideas on how to reverse the drop in score, Ive also got two credit cards that have a zero balance should I use one of them or both and make small transactions on them and then pay off in full every month
    equifax score 457 and experian is now 902

    any help would be appreciated
    Last edited by delpy1; 04-08-2018 at 9:45 AM. Reason: live link
Page 3
    • zx81
    • By zx81 7th Aug 18, 7:18 PM
    • 19,615 Posts
    • 20,991 Thanks
    zx81

    Hence, if a lender checks Experian, it might give you a chance, if it checks Equifax it will not give you a chance (yet).
    Originally posted by gionnetto
    If they have the same facts, it will make no difference whatsoever.

    The opinion of the CRAs is not of any interest to lenders.
    • sparkey1
    • By sparkey1 7th Aug 18, 9:27 PM
    • 439 Posts
    • 193 Thanks
    sparkey1
    Thanks that's another free account opened but who do they get the information from is it Equifax or experian?
    Originally posted by delpy1
    They get it from Experian
    • sparkey1
    • By sparkey1 7th Aug 18, 9:32 PM
    • 439 Posts
    • 193 Thanks
    sparkey1
    If they have the same facts, it will make no difference whatsoever.

    The opinion of the CRAs is not of any interest to lenders.
    Originally posted by zx81
    Of course , they only pay the CRAs because banks are charities. Why would they pay them for their data. Experian revenue for its UK and Ireland division was 830 Million pounds last year. Arent the banks generous, paying all that money.
    • zx81
    • By zx81 7th Aug 18, 9:34 PM
    • 19,615 Posts
    • 20,991 Thanks
    zx81
    Why would they pay them for their data.
    Originally posted by sparkey1
    Because they want the data.

    What an extraordinary question.
    • sparkey1
    • By sparkey1 7th Aug 18, 9:36 PM
    • 439 Posts
    • 193 Thanks
    sparkey1
    I think CreditWise is just a CapitalOne tool to sell more of their products
    Originally posted by Willing2Learn
    Spot on. A few years ago there was drastic changes to peoples rated scores as the CRAs got closer to the lenders to make their scores more relevant to the data that the lenders want.

    As a result they were able to release the free services that match scores to cards etc. You can be sure that Cap one will be close to Experian in order to flog more of their cards.
    • sparkey1
    • By sparkey1 7th Aug 18, 9:37 PM
    • 439 Posts
    • 193 Thanks
    sparkey1
    Because they want the data.

    What an extraordinary question.
    Originally posted by zx81
    So the CRAs assessments are relevant then.
    • zx81
    • By zx81 7th Aug 18, 9:38 PM
    • 19,615 Posts
    • 20,991 Thanks
    zx81
    No. I've already said they're not (see post 41).

    The data is all that matters.
    • sparkey1
    • By sparkey1 7th Aug 18, 9:54 PM
    • 439 Posts
    • 193 Thanks
    sparkey1
    Agreed.

    The data is relevant and thats why the banks want the CRA information.

    HSBC for example in its credit guidance openly admits that "Sometimes scores are calculated by a Credit Reference Agency and we may use these in our assessment."

    So if you are making an application to HSBC they very much rely upon a scoring technique, not dissimilar to that produced by a CRA. Other lenders will put a different rating to it.

    There is no opinion as such, its numbers, Experian wont say "They are a good risk" Its in the data.
    • zx81
    • By zx81 7th Aug 18, 9:58 PM
    • 19,615 Posts
    • 20,991 Thanks
    zx81
    That's correct.

    Some lenders will ask the CRA to calculate a score for them, but it is always based on the lenders' specified criteria (which also varies by product), which is very different from the numbers presented to consumers.
    • gionnetto
    • By gionnetto 11th Aug 18, 7:54 PM
    • 44 Posts
    • 9 Thanks
    gionnetto
    The opinion of the CRAs is not of any interest to lenders.
    Originally posted by zx81
    This is incorrect. CRAs make a lot of money selling behavioural scores to lenders, which are based on a given CRA score PLUS the criteria of the lender.

    Just ONE example is Delphi https://www.experian.co.uk/assets/insurance-services/brochures/delphi-for-customer-management-fact-sheet.pdf
    Last edited by gionnetto; 11-08-2018 at 7:59 PM.
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