Why has my credit score gone down?

Dear James,

Why has my Experian Credit Score gone from excellent to poor overnight when nothing has changed in terms of my financial profile?

James, Worthing

Dear James,

I understand your concerns. We recently reviewed the way we calculate your Experian Credit Score which has meant that some people’s scores have increased whereas others have dropped. Lenders review their lending criteria on a regular basis, so it’s important we update the Experian Credit Score to make sure we’re giving you the most accurate guide we can. Remember that this score is just that – a guide – and it is not provided to lenders. Only you see this, to give you a realistic understanding of how lenders are assessing credit report information based on our regular liaison with them.

As an example, people with serious negative entries, such as past defaults and court judgments, may have seen their scores reduce, reflecting how many lenders are calculating their scores at the moment. In terms of the specific factors affecting your score, the score guidance within your CreditExpert membership will give you more information on this, which may also guide you on how you might be able to improve how lenders view you going forwards. If nothing has changed on your credit report it is likely that the update to how we calculate your Experian Credit Score is what has caused this change.  (January 2016)

James
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