Sudden Death on Credit Savvy

[Mr_Orange]

Anyone else used the Illion (Dun & Bradsheet) online tool (Credit Simple) to have a look at the info they've got stored away and discovered their credit score there is wildly different?

I signed up yesterday and even though Illion has exactly the same information as Experian, they've reached a much different opinion about my credit worthiness. Illion has given me a low 600 and says I'm ranked in the bottom 20% of my postcode. Experian has me on a mid-800 and says I'm in the top 25% of my postcode.

How on earth can they have exactly the same data but reach such radically different conclusions?

Who knows. I wonder how much notice the banks, etc take of the scores.

In decreasing order, I have Credit Savvy, Get Your Credit Score and Credit Simple with a 106 point spread.

 

[SeaWolf]

Who knows. I wonder how much notice the banks, etc take of the scores.

In decreasing order, I have Credit Savvy, Get Your Credit Score and Credit Simple with a 106 point spread.

I suspect the banks just toss the score out and use the info on the file to generate their own score including any info they already have on you.

For me, Get Your Credit Score was unable to retrieve my score, which seemed weird to me. All the info is right and Equifax have a file (which I requested and it's all the same as the others) but somehow or other I can't get the score out of them.

EDIT: On closer inspection of my report, I've figured out why. They have my old driver's license number from back when I lived in WA. Guess I'll have to file for a correction before I'll be able to get the score.

 

[burmans]

Anyone else used the Illion (Dun & Bradsheet) online tool (Credit Simple) to have a look at the info they've got stored away and discovered their credit score there is wildly different?

I signed up yesterday and even though Illion has exactly the same information as Experian, they've reached a much different opinion about my credit worthiness. Illion has given me a low 600 and says I'm ranked in the bottom 20% of my postcode. Experian has me on a mid-800 and says I'm in the top 25% of my postcode.

How on earth can they have exactly the same data but reach such radically different conclusions?

Simple answer, they use a different scoring model. each claim their model is superior. If they had the same model what would differentiate them?

 

[SeaWolf]

Simple answer, they use a different scoring model. each claim their model is superior. If they had the same model what would differentiate them?

Even so you'd expect them to all reach roughly the same conclusion. If one comes up with Good and another Bad then objectively one of them is just wrong.

 

[burmans]

Even so you'd expect them to all reach roughly the same conclusion. If one comes up with Good and another Bad then objectively one of them is just wrong.

I neglected to mention that a) not all bureaus have the same data (or the same data at the same time at least) and b) we still don't have anything like 100% of CCR data being contributed.

But your point is relevant, yes I agree at this stage the scoring models are not good enough to rely upon, which is why most banks don't. I'm only aware of one organisation that actually uses the score in its credit decisioning and thats a very minor player.

 

[Mr_Orange]

Credit Savvy just updated me to say there was new activity on my file in the form of new accounts. Knowing I hadn't applied for anything recently, I checked it out.

Amex have uploaded their account information. 3 closed accounts for me but they must now be starting to take part in full reporting.

 

[Mr_Orange]

Article on Credit Savvy: Credit Savvy - New credit account information on your credit file from Amex.

 

[andye]

My 4 pristine Amex accounts (including Charge i.e not credit -it does say a limit of $0 ) came up
Score has gone up 5 points so number of open accounts doesnt seem to have a big effect
Was planning to close my Accelerator soon and will likely reduce my overall credit limit. Will be interesting to see what pans out by doing that

 

[burmans]

Still waiting for my mortgage to appear though!

 

[mviy]

It will be interesting to read what gets added next.

 

[burmans]

My understanding was "Banks will be required to share 100% of mandatory data by 1 July 2019, and will also have a 90-day window to provide the new information to credit reporting bodies."

So expect your mortgage details to be appearing very soon. Personally, that's a good thing - my history of paying my mortgage is impeccable and just having mortgage is a positive as far as credit ratings.

 

[Lynda2475]

Interestingly my amex and mortgage still do not show in either Credi Simple or Credit Savvy

 

[amaroo]

The Amex reporting has been excellent for my score ^ >100 points from a pretty high base.

All my Amex accounts have been reported including the recently deceased, repayment history goes back 2 years..... have never seen so many ticks

FWIW there has been no update on Equifax.

 

[amaroo]

Equifax has been updated, but doesn’t have the same level of detail of credit savvy, the total CC amount is correct, but limited detail other than that.

Like CS it’s done wonders for my EF score - it’s gone up >100 and well into the 1,100s.

Time to really give this burn and churn game a good flogging

EDIT - now had a look on a PC, the detail is there and is pretty much the same as credit savvy.... lots of green ticks.

 

[Lynda2475]

Sudden inclusion of Amex has reduced my credit simple score by a couple hundred points, even though zero late payments.

Id love to understand their algorithm better as im sure its flawed. Voluntarily close a card which was paid in full, score decreases. Amex start reporting positive, reduce score again.

Iver nver missed or made a late payment, and have always paid every credit card bill in full on the due date. They got a couple years of history so its not like they cant see all the positive yet reduce my score.

Will be intersting to see what happens when credit savvy include the same.

 

[deebens]

Just had an 80 point jump.

 

[GSP]

My understanding was "Banks will be required to share 100% of mandatory data by 1 July 2019, and will also have a 90-day window to provide the new information to credit reporting bodies."

So expect your mortgage details to be appearing very soon. Personally, that's a good thing - my history of paying my mortgage is impeccable and just having mortgage is a positive as far as credit ratings.

Bugger for me in that don't have a mortgage any more.

To the previous posts, I've just noticed my Credit Simple score take a whack whilst the other two were largely unchanged (I have landed a couple of CC's in the last month however), so not sure if it was that or the AMEX addition others have experienced.

 

[Mr_Orange]

Thought that I would post the following in this thread rather than start a new thread as it seems relevant.

From Credit Savvy - 6 things that don’t affect your credit score:

# Checking your credit score
Keeping track of your credit score does not impact it in any way. Every time you check your credit score with Credit Savvy, it is recorded as a ‘soft enquiry’ on your credit report, which has absolutely no effect on your score whatsoever. What you do need to be aware of is the ‘hard enquiry’ that gets recorded whenever you make an application for credit.

# Your rent, utility & phone bills
Under Comprehensive Credit Reporting, your repayment history is stored on your credit file for up to two years. However, only your repayment history from licenced credit providers can be recorded, and this excludes telecommunication and utility companies.
Whilst these types of repayments are not recorded on your credit file, they may be recorded as default if they are $150 or more, and over 60 days overdue – which can seriously hurt your credit score.

# How much you earn
Your salary is not included in your credit file, only your employment history is. However, credit providers could still request this information when you apply for a loan as part of their own credit assessment criteria.

# Your savings, investments & assets
Your credit score reflects how well you manage debt. Other types of accounts, such as bank accounts, investments or assets, aren’t factored into the calculation of your score.

# Carrying a balance to build credit
There’s no difference to your credit file whether you choose to pay the minimum or the whole balance off by the due date. In fact, if you do carry a balance, all you’ll get is a larger bill thanks to the interest accrued.

# Credit utilisation ratio
Unlike in America, the ratio of your credit card debt to your credit card limit does not apply in Australia. Your credit card limit is listed on your credit file, but not your balance, so carrying a credit card debt can’t negatively affect your score if you make your repayments on time.

Remember, your credit score is generated by looking at patterns in your credit history, characteristics of your credit profile, and aspects of your credit applications.

 

[JennyMG]

Seems the roulette wheel has spun again and I'm up another 67 points and that's in a month with an application.

Starting to claw back that 300 point loss from the start of the year.

Why do you think it dropped 300 points?? that's pretty dramatic!

 

[JennyMG]

Credit Savvy gets you your Experian Score for free. GetCreditScore gets you your Equifax score for free. You may wish to get both. Experian and Equifax use different score ranges so the number you get will be different.

Yes, agree. I have both. While mine are different, they're only 5 points different. 794 v 799.