Experian and ClearScore credit scores

[MG42Maniac]

My partner and I are using a Mortgage Broker at the moment to see what we can get. She does not have a great deal of self-employment history and I have a default on my account from an Argos card (Not my fault ) from years back. One thing we were not aware of is that none of these credit score agencies has any idea how much money you earn. If you have a good income you may be able to overcome a less than desirable credit score. You may not get the absolute best deal but it will almost certainly beat renting.

 

[englishpremier]

Ignore the scores. They mean next to nothing. Just look at your history instead

 

[FishPolice]

Experian: 999
ClearScore: 529

Experian says I'm not on the Electoral Roll at my current address which is apparently having a negative impact on me (What? On a 999 score!)
ClearScore says I've been on the Electoral Roll at my current address for a long time -I only moved in end of November 2016 and I doubt I got put on the Electoral Roll there for a few weeks.

The scores are both pretty meaningless I think. Good as a vague indicator of credit worthiness but that's about it. Certainly useful for keeping tabs on potential identity fraud.

Experian were amazing though at sorting out a hugely negative record against me a few years back. I'd voluntarily terminated a car finance agreement (my legal right) and Blackhorse put the boot in on my credit file. Experian got it completely overturned because it seemed Blackhorse had been a bit naughty & spiteful towards me. For backup like this I'm happy to pay £14.99 per month for their services.

 

[BDEE]

Actually these numbers aren't meaningless at all, I used to work at a mobile provider and one of the systems I looked after was one that queried the Equifax API in order to see if a customer would be allowed a phone contract. A fail or a referral meant a customer wouldn't be leaving with a shiny new iPhone.

More recently I applied for a small car loan from Santander only to be turned down. I have a fairly large house in London commuter belt with a recent Santander mortgage that has a LTV of about 50% so it was surprising to say the least. When I did some digging I found that Virgin Media (who were my broadband provider at my old address) had put a default on my Equifax and Experian account in error which I then got removed. It made a huge difference and also the subsequent credit searches meant that I didn't get the best interest rate which is very annoying. It pays to keep on top of these numbers, but it's also an industry I think should be regulated far better.

The systems used for credit assessment do not use the meaningless "credit score" number provided by the credit agency. No one is saying that the credit files are meaningless, just the made up numbers they show to be your "credit score". The numbers do not get used in credit assessment.

 

[sparkymark75]

Actually these numbers aren't meaningless at all, I used to work at a mobile provider and one of the systems I looked after was one that queried the Equifax API in order to see if a customer would be allowed a phone contract. A fail or a referral meant a customer wouldn't be leaving with a shiny new iPhone.

The mobile provider would access Equifax to get the details of the applicants credit file, not the score. The score is only visible to you. As above, they are only ever good as an indication of if you're improving your credit worthiness in general. Each lender has their own definition on if you are worthy of credit or not.

Just a heads up, you can also now get access to your Experian file for free via the Money Saving Expert Credit Club. Ignore the scores but keep an eye on all 3 of your credit files for mistakes.

 

[easyrider]

Just a heads up, you can also now get access to your Experian file for free via the Money Saving Expert Credit Club. Ignore the scores but keep an eye on all 3 of your credit files for mistakes.

Good shout

 

[Ace Modder]

I use checkmyfile.com £9.99 and instant daily updates to all the credit agencies.

 

[Disco_P]

Does anyone have a massive difference between Experian and Equifax?

I got denied a phone contract via EE who use Equifax whereas I was approved via carphone warehouse (who use both?). Experian report is 987 and equifax is 405. Equifax currently think that I am not on the electoral roll which is in the process of being rectified but I don't know how much of a difference it makes.

 

[Mr^B]

Experian score varies wildly between the 3 places I can get it from;

One has a score of 926 (checkmyfile), one has 542 (free one with Barclaycard), one has 745 (MSE).

It's all a complete bunch of backside as far as I can make out.

 

[ultralaser]

Sorry for the thread revival but are there better tools these days to check your credit file (apart from going directly to the three agencies?)

 

[easyrider]

Get a free Credit file report through Martins money Club

https://www.moneysavingexpert.com/creditclub/

 

[SixTwoSix]

I use the MSE one linked above, clearscore and credit karma (formerly Noddle) all for free.

 

[Greebo]

Everylender will have their own set of criteria for credit. I used to work for one of the big three credit agencies processing credit car applications.

Depending on the lender, they scored things differently. Some lenders gave more points for more credit cars you had, others deducted points.

People in the army got 200 points immediately with NatWest and was an instant acceptance no matter what the rest of their application was like, you got more points the longer you had lived in your address, recently moving lost you points, some gave points for having kids, others deducted points for having lots of kids. The list went on and on.

You ended up with a score for each candidate and below a certain point was a decline, a middle range was referred to a person to consider the application and a score above a certain point was an automatic pass.

Hence why the online scores are just a guide to whether you will be accepted or what rate you are offered as it’s just the agency basis of judging you and won’t match the lenders criteria.