Hi everyone,
Just got an alert my credit rating dropped from 777 to 665 from a single enquiry from Telstra on my credit file due to the 24 month friends and family deal.
Does this sound normal? Any ideas for what I can do, that's a pretty huge hit
Source :
Credit rating 777 Nov
Credit rating 25th Nov 687 (90 points sorry not 100)
Credit obligation: Principal
Date of Enquiry: 24/11/2017
Organisation
TELSTRA, User 000001
Amount
$0.00
Unique customer reference
These guys sent me an email
https://www.creditsimple.com.au/Home/CreditReport
Dear Mark,
It looks like your credit information has changed recently. Check out the summary of changes below, and log in to see full details.
Summary of changes
Enquiries
I also use credit savvy but not updated until 12 dec
Didn't realise that getting your credit rating was so easy! Have you checked other websites that use different scoring mechanisms to see if this is across the board?
Correct me if im wrong, but credit scores are made up numbers created solely for commercial gain of private companies e.g. credit savvy and creditsimple. They all use different scoring mechanisms and change them whenever it suits their profit statement agenda.
many people have seen their credit score numbers change for no reason (literally no reason) other than CreditSavvy or whoever decided to change the formula to perhaps scare people into signing up to lousy debt consolidation services or whatever.
Furthermore, my creditsavvy report showed 3 duplicate ANZ checks and 2 duplicate westpac checks and therefore an "OKAY" score. i had to get manually removed (6-10 weeks each) and now my score is "GOOD" yay me i guess thanks so much O Great creditsavvy overlords. Meanwhile my dun and bradstreet credit report had no duplicates at all.
There’s no uniform scoring system. The extent to which credit enquiries represent risk changes from credit provider to credit provider. I wouldn’t be concerned.
No one uses the score system in Australia.
They simply look at your file and make a decision based on the lenders internal policies.
yep, so true. Hate all these credit score companies.
This is absolutely true, having worked at CBA in their lending department I can confirm that your score as provided by credit reporting agencies has very little weighting, rather what is used is the whether there have been any defaults registered against your name.
Almost all banks have enough of your banking history data that they've already assigned to you a particular risk weighting, that's what is mainly used to define your risk position when enquiring for credit.
No one uses the score system in Australia.
Incorrect.
Thanks for your compelling argument
To quote my man jimbob here,
No one uses the score system in Australia.
They simply look at your file and make a decision based on the lenders internal policies.
This is how lenders decide to lend, not some meaningless number another company has come up with
when that doesn't add up they find another way to fudge it too get you in Debt :-)
Thanks for the feedback guys
Who alerted you?