I thought I was making good progress with my post IVA credit reports - Experian showing around 800 score.
Have just done an Equifax and scored an amazing 271?!
Both have identical dates of defaults, time at address, voters role etc but give completely oposing indicators.
Which is more reliable? The likes of Orange and Vanquis have welcomed me with open arms (Vanquis given me £1250 credit limit after 8 months - not used).
I know my record is shot for another 18 months, but surely some current recovery/satisfactory account management should mean something.
I too had the same wild variation between equifax rating me very poor and experian rating me excellent. My equifax report had slightly more debtor info and experian had more info on searches and bank accounts. Both had essentially the same default and IVa information. My experience though suggests that the equifax score was closer to the mark. I cant even get a mobile phone contact so how experian rated me excellent I do not know.
These scores are only sample scores. They do not reflect how a lender sees the information. Lenders run the raw information through their own scoring system and look for their ideal customers based on credit file traits that indicate profitable customers to them. Also they want profitable customers not necessarily very low risk customers. Generally they want people who are in debt but managing their repayments rather than someone who pays balances off in full. They make more money if you're in debt and paying interest.
If the world default or IVA is anywhere near your file I'm afraid in this day and age your unlikely to get credit so knowing your sample score is academic whatever it is. When this information comes off your file (after six years) this is the time to investigate your potential score.
Interestingly checkmyfile gives you your equifax and Lesser used call credit score for a lower price and I found the information inn their system more helpful at interpreting the raw data. You do have to question though whether it is worth paying monthly for this information when the £2 postal report is much cheaper and contains all the information you need
"Just when you think that you can make ends meet, somebody moves the ends."