Credit Guide

Your credit score is one of the most important numbers attached to your name. Your Experian credit score will show you what kind of shape you are in if you are looking to borrow money or get credit of any kind.

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Experian is an international company that calculates credit scores so that lenders can make an informed decision on whether or not to give you credit. These are also commonly known as 'risk scores', because they help the lender determine what the risk is that they are taking if they afford you the credit. Lenders ask questions such as, "How likely is it that I will be paid back the money on time?" Credit scores are fluid numbers that change often with your updated credit information.

No. There is no single credit score. TransUnion provide an Empirica® credit score on request. Experian have developed the Delphi® score and include it in all their credit records. The Delphi Score Experian makes use of the Delphi® credit score that ranks your credit rating. This score will only appear on an Experian credit report. The score is calculated by a computer programme that takes all your credit profile information and converts it to a simple three digit number or score. The Delphi® score number will range between 0 and 750. Based on Experian Credit bureau data, the higher the number the more likely you are to meet your credit commitments in future.

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Everything you do that involves credit-your credit cards, personal loans, car loans and mortgage loans, all affect your credit either positively or negatively. If you are late with a payment, it will negatively affect your score. However, if you pay your bills on time and have them all in good standing, this affects your credit score positively. Lenders use a variety of different calculation methods for the scores they give you, which is why your number changes constantly.

Because each bureau can and does receive information from different banks and creditors, your credit score (also referred to as "FICO score") can differ from credit bureau to credit bureau. While credit scores themselves range from 350 to 850, a FICO score of 700 from Experian is generally considered the equivalent of a 700 FICO score from Equifax or TransUnion. Regardless of which bureau supplies your credit report rating, the higher your FICO score, the better your chances are of securing a loan, with a favorable interest rate and ultimately having a stronger more solid credit history.

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Credit scores are affected by the number and severity of late payments, the type, age and number of credit accounts, your total debt and any recent inquiries that ask for your credit score. Credit scores are not affected by any of your personal data, such as age, race or marital status.

Often lenders will make use of data from credit reporting agencies (bureaus) or their own internal data to come up with their unique credit score model. The two major credit reporting agencies in SA are Experian and TransUnion ITC and they have different information on their credit reports about you. That means that you will have two credit reports and two credit scores. Improve your credit score today

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Continue to try to improve your credit score. Pay your bills on time and keep your balances low on credit cards and other "revolving credit". A high outstanding debt can negatively affect your score. You should only apply for credit as you need it and pay off the debts you have rather than moving it around. Owing the same amount and having fewer accounts can actually lower your score.

point, score intervals, CFA study revealed the importance of knowing your credit score before you apply for credit. The study also tested differences between Equifax's and Trans Union's older and newer FICO scoring models, and found the differences to be negligible. in 10% of the cases, instead of there being three credit reports for each individual (one each for Equifax, Experian and Trans Union), a fourth, or fifth, or even sixth credit report would be returned, most of which had credit scores.

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Keep up to date with your credit score. Experian offers you access to your credit score, which you can view regularly with a nominal fee. You can then watch your Experian credit score's fluctuations and know how you affect your score.

In one phase, the groups set out to learn if there were significant differences between Equifax, Experian and Trans Union. To do this, they compared the credit reports and credit scores from each of the three major bureaus pertaining to 1, 500 individuals. The study focused on a 620 score, priced " prime" loans. Researchers felt that wide disparities between credit scores reflected major differences in the underlying data of Equifax, Experian and Trans Union.²⁸

Credit Repair JP Burkhart recommends that you visit Experian credit scoring for more information.

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