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★☆☆☆☆

“Credit Reports are a nice idea. The scoring setup is...”

Written on: 07/02/2011

Credit Reports are a nice idea. The scoring setup is there to define boundries between different levels of risk. To the lender that is. However, I don't know if it's just the borrowers that are let down by Experian, or the banks aswell.



Experian are absolutely USELESS. They're always out of date when it comes to reports and have an excuse for everything. They don't feel anwserable at all. I've paid for my score 6 times since September 2010, trying to understand how certain changes however small they might be to your report, affect the score they give you. And I was hoping that today would be the day that my score was finally back up to "Excellent". However, how wrong I could be!



My last 5 scores were absolutely the same - 899. Begging to get up into the Excellent category. Just 61 points short. However, today my score was 858. A drop down into the fair category, from good. This certainly will mean my chance to get the best APR is serously hampered. The reason for this???



Well, according to Experian I'm using 39% of my available Credit. Wrong. This balance was cleared almost as soon as it appeared. Cleared on the 4th January, over a month ago. And this always happens. I never pay interest.



Why my score could not go up for months, was that a Current account I had opened had not "matured", according to Experian. It hadn't been open for 1 year. Well now it has and even Identity Checks more than a year old, show up on my report. Since getting back onto the Electoral Roll in April 2010, and having no "negative effects" to my score since 9th June 2010 my score has gone from 761 to 899 and now back down to 858.



To try and track the scoring with this company is a waste of time and money. When you get a bad score and they can't point at you, they blame the financial climate. Balls!



So the question now is can I complain to Trading Standards?