Anyone know anything about credit scores/reports?

[bozza]

I was looking at moving into a new flat in the next few weeks and was told by the agency I needed a credit score abive 545 to be accepted by them. I knew my credit rating wasn't the best and knew I was a member of the experian website so thought I'd check it before I paid the estate agents £20 to do a credit check.

Checked it on the experian website and my current credit score is 773 which is pretty much a average credit score, so thought that's fine it's well above what they will accept so put the forms into the estate agents this morning with the non-rufundable £20 only to be informed over the phone just now by them that the company that deals with their lettings did a credit check and my score is only 445! And they won't accept me at all.

I had a ccj which was settled around 4 years ago and told them this and I know it can stay in the record for up to 5 years but surely your credit score shouldn't differ so much and should be the same no matter what company you use to check it with and for it to be such a big difference between the company's scores has confused me.

So does anyone know why there is such a huge difference in my credit scores as I can't understand it as I thought your credit score would be the same no matter who you did it through.

 

[Alex1975]

I deal with this on a day to day basis but not for consumer for companies(FAR less regulated). Part of our company has an online credit checking system and we get our data from Dunn and Bradstreet, they have been going since the beginning of time and take more information into account than anyone else in the business. However there is a company called Craditsafe who get their data from .... well they just make it up. As a result all there delinquency scores are totally different to ours (D&B`s).

It sounds like whoever credit checked you used someone different to you... sounds stupid but I would think this is what has happened.

Be aware that the more you or others credit check you the worse your score becomes...

 

[bozza]

I'm being sent out the credit report they did so will be interesting to see who it is.

You would have thought I would e safe using experian to check my credit score as they seem to be the main one people use to check it with.

Just adds to the confusion as now I'm going to have to try find out what credit report company the estate agents use before I try to let a flat from them.

Or maybe just become a unemployed lay about and farther a football team of kids cause then I'd get given a place straight away as being in full time work since you were 18 means nothing nowadays.

 

[Scottjd1]

The main ones are experian and equifax, I coem across this helping my clients get mortgages ahere they will fail with lender a who uses Equifax, nothing specific just 'low' score, yet another lender will use Experian and they will pass with a high score.

You need to be psychic to get credit these days.

Speak to the agent they may be able to still help you they want the deal to go through !! They might ask a guarantor to co sign??

Good luck.

 

[bozza]

The main ones are experian and equifax, I coem across this helping my clients get mortgages ahere they will fail with lender a who uses Equifax, nothing specific just 'low' score, yet another lender will use Experian and they will pass with a high score.

You need to be psychic to get credit these days.

Speak to the agent they may be able to still help you they want the deal to go through !! They might ask a guarantor to co sign??

Good luck.

Unfortunately they won't let me rent a property through them at all even if I have a guarantor.

To be honest the estate agents it was through ain't the best from the brief experience I've had with them.

The flat was let as unfurnished but when I viewed it the last tenants had left 2 2 seater sofas behinde that were really nice and looked nearly brand new.

They said I could have them if I wanted, which I did because I didn't have a sofa. So I said I wanted the flat so she have me the paperwork to fill in which I took home.

When I took the paperwork back down today and enquirer about the 2 sofas she said they gave them away last week! Which was nice of them.

I kind of got the impression from the viewing I had they didn't really want to rent me the flat as she rushed through the viewing and just seemed to want rid of me.

Just have to keep on looking I guess.

 

[wull]

is that not the same company they go to when they do a check?

unless they did a check on someone else by mistake but why would this happen....

i use to be on the website of one of them,can't remember which one but it was absolutely pointless.

 

[bozza]

Found this on the Internet that explains why it is different.

Still seems completely stupid to have different ratings, you either have a good rating or you haven't.


This should help you to understand how credit scores work..

FICO scores from 300 to 850 and Vantage scores from 501 to 990.

Here is the breakdown for both systems.

Vantage Plus system scores from 501-990.
A-901-990
B-801-900
C-701-800
D-601-700
F-501-600

FICO system scores from 300-850.
Elite-740-& up
Prime-700-739
Preferred-660-699
Standard-625-659
Sub-prime-624-& under

FICO is the only one that matters since it's the one that all major lenders look at.

So as you can see it depends on if your looking at a true FICO score or a Vantage plus score.

As far as what makes up credit scores it's the following;
1. Payment history (longer the better) 35%
2. Time in bureau (longer the better) 15%
3. Types of credit (mix of credit cards & installment loans) 10%
4. New credit (new accounts and inquiries) 10%
5. Debt to credit ratio (lower the better) 30%

And just so you will know Experian only uses Vantage, Equifax only uses FICO and Transunion uses both depending of which type of credit report is requested of which there are 3. The standard that people get from the Internet, the auto enhanced which only car dealers and lenders see and the factual which only mortgage people see. The last two are not available to the general public.

To have the very best score and profile people need 3-4 credit card accounts (revolving) with balances below 30% of their credit limits and 2 cars, homes, boats, motorcycles, computers, furniture or personal accounts (installment) all with good long payment history's.

Add to this that unless you get your scores either direct from either Equifax or myfico.com your getting what's called a FAKO score which makes it even worse because they all have their own system to calculate scores.

 

[NWJocko]

Found this on the Internet that explains why it is different.

Still seems completely stupid to have different ratings, you either have a good rating or you haven't.


This should help you to understand how credit scores work..

FICO scores from 300 to 850 and Vantage scores from 501 to 990.

Here is the breakdown for both systems.

Vantage Plus system scores from 501-990.
A-901-990
B-801-900
C-701-800
D-601-700
F-501-600

FICO system scores from 300-850.
Elite-740-& up
Prime-700-739
Preferred-660-699
Standard-625-659
Sub-prime-624-& under

FICO is the only one that matters since it's the one that all major lenders look at.

So as you can see it depends on if your looking at a true FICO score or a Vantage plus score.

As far as what makes up credit scores it's the following;
1. Payment history (longer the better) 35%
2. Time in bureau (longer the better) 15%
3. Types of credit (mix of credit cards & installment loans) 10%
4. New credit (new accounts and inquiries) 10%
5. Debt to credit ratio (lower the better) 30%

And just so you will know Experian only uses Vantage, Equifax only uses FICO and Transunion uses both depending of which type of credit report is requested of which there are 3. The standard that people get from the Internet, the auto enhanced which only car dealers and lenders see and the factual which only mortgage people see. The last two are not available to the general public.

To have the very best score and profile people need 3-4 credit card accounts (revolving) with balances below 30% of their credit limits and 2 cars, homes, boats, motorcycles, computers, furniture or personal accounts (installment) all with good long payment history's.

Add to this that unless you get your scores either direct from either Equifax or myfico.com your getting what's called a FAKO score which makes it even worse because they all have their own system to calculate scores.

Bozza,

You sure you haven't been looking at US websites?

I work with this sort of stuff and Fair Isaac (FICO) is pretty much only in the US.

Not sure what a letting agent would use but most lenders (i.e. banks, building societies) use a combination of credit bureau data combined within their own credit rating systems to come to an accept/decline decision.

 

[leaney]

I deal with this on a day to day basis but not for consumer for companies(FAR less regulated). Part of our company has an online credit checking system and we get our data from Dunn and Bradstreet, they have been going since the beginning of time and take more information into account than anyone else in the business. However there is a company called Craditsafe who get their data from .... well they just make it up. As a result all there delinquency scores are totally different to ours (D&B`s).

It sounds like whoever credit checked you used someone different to you... sounds stupid but I would think this is what has happened.

Be aware that the more you or others credit check you the worse your score becomes...

You can view your credit report as many times as you like, without it affecting your credit score. It also says this on the Experian website. But if others try to view it, then it will have a quite a big impact.

When I was renting, I always tried to go privately.

You save on paying ridiculous fees (£250 a person where I am) and it's always a lot easier. Plus if the private landlord used a credit check company that says your score wasn't high enough, I'm sure you would be able to see them the report you just received and all would be ok.

 

[bozza]

Bozza,

You sure you haven't been looking at US websites?

I work with this sort of stuff and Fair Isaac (FICO) is pretty much only in the US.

Not sure what a letting agent would use but most lenders (i.e. banks, building societies) use a combination of credit bureau data combined within their own credit rating systems to come to an accept/decline decision.

It may have been a us website.

Still can't understand then why experian are saying my credit score is fine but a letting agent is using another company that is saying my credit score is shocking.

They all should use the same credit records that they have on you otherwise it's not a genuine reflection of your credit rating.

 

[bozza]

You can view your credit report as many times as you like, without it affecting your credit score. It also says this on the Experian website. But if others try to view it, then it will have a quite a big impact.

When I was renting, I always tried to go privately.

You save on paying ridiculous fees (£250 a person where I am) and it's always a lot easier. Plus if the private landlord used a credit check company that says your score wasn't high enough, I'm sure you would be able to see them the report you just received and all would be ok.

Yeah been looking at going private but there's not really any places i like available through a private landlord.

 

[bozza]

Well I've just revived the credit report that the estate agents got on me and to be honest it hardly looks a genuine one.

It's just a bit of A4 paper with the Homelet logo at the top, my name, address, the address of the property I was wanting to rent. Then just a number that says my tenancy application score, no mention of who they do the credit check through or anything.

Maybe a blessing in disguise as it all looks very unprofessional.