Credit score - not as good as I'd thought

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Forums › Finance and wealth management › Credit score - not as good as I'd thought

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#2320237 19-Sep-2019 11:31

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freitasm:

I have raised a case with the Privacy Commissioner on Illion NZ (as Credit Simple) dismissing my request to update private data they hold.

@freitasm I told them recently I have not worked for Vodafone NZ for over 2 years and this is the response

Current employer: Vodafone New Zealand

Conclusion

The illion team have reviewed your correction request with the Credit Provider and have confirmed that the listing is valid. What type of response is that? I know where I work but they are telling me I am wrong

I contacted them this morning as well regarding my details.... says I'm employed by a company that no longer exists and I left years ago.

Meh, think Ill be ignoring them going forward.

XPD / Gavin

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#2327390 1-Oct-2019 07:55

Not directly related to credit simple but a good change coming to credit reporting for people that like to shop around for the best deal

https://www.stuff.co.nz/business/116194676/borrowers-can-shop-around-for-loans-without-being-judged-desperate

A change to the Credit Reporting Privacy Code on will mean that from October 1 no black mark will be entered on a borrower's credit record when they ask a lender for a quote on a loan

freitasm

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#2333309 9-Oct-2019 12:41

freitasm:

Contacted Credit Simple with copy of payslips from the company I've been working for for almost six years... They replied asking for copies of the payslips of the company I work for.

They closed the case without updating the entry.

How can you trust this?

At last received a reply of my followup from August. They've accepted and updated the information regarding my employer.

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#2355423 18-Nov-2019 07:30

Moved a reply from here to the correct topic.

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#2416506 12-Feb-2020 07:46

They must be using some randomizing code for the credit scores. :(

In December my score was 957, then dropped to 906 in January.

Absolutely no change in anything (home loan, credit card, electricity provider, internet, all paid in time).

It increased to 907 in February, will see March because I have re-structured the home loan a bit.

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#2416537 12-Feb-2020 09:03

engedib:

They must be using some randomizing code for the credit scores. :(

In December my score was 957, then dropped to 906 in January.

Absolutely no change in anything (home loan, credit card, electricity provider, internet, all paid in time).

It increased to 907 in February, will see March because I have re-structured the home loan a bit.

Mine's steadily been on a gradual decline since September with no changes - they've either changed something or their modelling is flawed.

It's still in the high 800's, but was in the 900's all of last year.

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#2416538 12-Feb-2020 09:08

Mine's been on high 700 - low 800 for years now. I only have one account there (gas), living at current (owned) address for almost 14 years and currently employed for six years, with a company directorship for almost 17 years. No queries on my account, no events recorded. I guess if you don't have any movement they also penalise you...

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#2474957 1-May-2020 19:26

My credit score is dropping every month was 843 four months ago and now 836 and nothing has changed just earning more

Stupid system!

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#2474967 1-May-2020 19:59

Linux:

My credit score is dropping every month was 843 four months ago and now 836 and nothing has changed just earning more

Stupid system!

Mine's also dropped slightly from 887 to 864, I suspect its some sort of across the board Covid19 related loss of confidence rather than anything we've personally done.

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#2475006 1-May-2020 20:52

Linux:

My credit score is dropping every month was 843 four months ago and now 836 and nothing has changed just earning more

Stupid system!

@linux

The system is confusing until you understand the mechanics behind it. I build scorecards for my job. Equifax, illion & Centrix have very similar approaches, however a score of 800 in illion doesn't equal the same with say Centrix. However illion and Equifax did calibrate their "good bad odds" to roughly equal the same (800 Equifax and 800 illion have the same good bad odds) Centrix recently introduced a Generation 2 scorecard which is in my view very good.

All bureau scorecards have a GINI score, the higher the score, the more accurate the prediction is.

The differences in your scores is largely due to the data each of the bureaus have on you. Centrix has a number of Comprehensive Credit Reporting contributors so they may have more positive data, whereas Equifax may have more negative data due to defaults been loaded by Baycorp and not loaded on Centrix.

What you are seeing in the changes in your credit report is driven from the population you sit in.

We will pick on three components of over 100+ data points all these bureaus use; eg. Male, age range, postcode/address.

If we say a major bank has a run on males that are between say 35-40 and live in Auckland who have applied for hardship will drag down each of the baseline data points, it may only change it by 1 point, but the aggregation of these baseline changes can make significant swings (both positive and negative)..

I will try and show what i mean...

...............................................

Postcode: Nil Change

Male aged between 35-40 -10

aged between 35-40 -5

Star-sign (Taurus) +5

Street -20

this would give you a net change by -30 on you credit score, however you are thinking, i haven't done anything... that is because you haven't. Others in the same population have dragged you down due to them screwing up.

Since COVID-19 most scores have come back by 56 points.

So... if your credit score is 850 today,in three months, don't be surprised once all the hardships start to be reported correctly that you own score reduces accordingly.

Hope that makes sense..

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#2475019 1-May-2020 21:48

@Delorean Not really as it's my credit score I don't understand if someone in my age bracket that lives in the same area defaults on something why should it impact my credit score?

Maybe you can answer why the heck are star signs used?? This is just nonsense rubbish

Covid-19 has not impacted any bills I pay (I have zero items on HP and my credit card is $0)

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#2479484 8-May-2020 20:03

Credit Simple (aka. Illion) scores are absolute utter rubbish. The only one of any "value" is Veda because they are who the vast majority use.

Also Illion are a law unto themselves. In my case they changed my address to one which does not exist and refused to correct it. I complained to FSCL who washed their hands claiming they don't have jurisdiction. And if that wasn't bad enough, FSCL has just sent out an email to a bunch of people today to advise them they were hacked.

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#2497171 3-Jun-2020 06:57

@MichaelNZ This month 788 very good and a month before hand 852 excellent

Edit: Maybe Jim down the road purchased a car he could not actually afford so lets drop all the credit scores of those that live around him! High 5's around the credit score office!

Do credit scores take into account term deposits?

Edit: @Delorean I did lower the credit limit of my BNZ credit card from $3000 to $1500 and it's in credit maybe that impacted my score?

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#2517448 5-Jul-2020 06:44

My credit score has dropped again this month down to 756, Down almost 100 points in 2 months from 852

I did use my credit card to buy some carpet / underlay for $1200 then paid the $1200 back onto my credit card straight away from my 00 account

This is the most dumbest system and the people that write the algorithms for rating credit scores have rocks for brains!

Edit: I increased my weekly mortgage payment a few months back by $40 per week surely this could not have impacted my credit score?

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#2517471 5-Jul-2020 09:30

I got turned down for two credit card applications

I'm an aged professional.

I sold my house and have a large amount in my savings account. At this point I could literally retire from the savings.

I started a new job, in a new city, that pays reasonable well.

My current bank BNZ will no longer give me a no-fee credit card, because I no longer have a mortgage.

I could literally buy a car with my credit card limit. I have no balance, nothing owing.

I also have a large KiwiSaver account with BNZ.

So I tried to switch to KiwiBank and TSB, because their fees were lower.

I told them both I'd only switch if I could get a credit card. Note I only applied for a $4,000 limit, which is tiny compared to current BNZ limit.

I was turned by both.

I was told, I had to have six months of bank activity with them, before they'd even consider giving me a credit card.

I told them I was a 18 year old, just getting my first checking account.

So I kept my BNZ accounts, plus huge credit card limit.

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