The Experian Credit Score Con 1
If you’ve accessed your Experian Credit Report lately (they’re offering a 30-day free trial at the moment, but do it via QuidCo and get paid £8.50 to check said free report!), you’ll see they are keen to sell you your ‘Credit Score’ for £5.95 a go, as well as give you free access to your credit file. A good deal, right? After all, knowing your credit score is very important.
Wrong. Please don’t fall for it. The number they will give you in return for your hard-earned cash is all but irrelevant. The mythical number they generate is not given to any financial institution that checks your file, and has absolutely zero bearing on whether you get future credit or not. Instead, each institution creates their own internal ’score’ from their own highly complex, highly secret algorithms that take into account their own circumstances at the time, yours, and possibly the time of day and whether it is a full moon or not. A score from one lender will likely differ wildly from the next.
Why are they trying to sell you a useless 3 digit number? Because you’d likely buy it if you didn’t know.
Save your money. Your credit score is 791, and it’s just as valid (or perhaps more accurately, invalid) as any other. If you’re checking your credit files in general, CallCredit will give you one along with your 3 month access subscription.
It’s no more valid than the one Experian generates, but at least you are not paying extra for it.
Related Posts
