Credit Score Oddities - Veda Score Vastly Different from Experian Score Gap Getting Wider

LChillman123 on 11/04/2019 - 22:18
Last edited 11/04/2019 - 22:24

Hello Everyone, I have a strange thing happening with my credit score.

Quick background:

I have a credit card and an Optus post-paid mobile only two lines in my credit file.
The only accesses are the Soft touches by the credit reporting agency that don't affect the score but are recorded in the access log.

No late payments ever
No over limits ever
No bankruptcy ect
Nothing owning on my CC
No negatives at all
No hits on my credit report, No applications for new credit Nothing.

I have credit alerts and I get my credit report every month as part of the monitoring service.
What I've noticed in the last 6 months my Veda score is going up but the Experian score is going down.
Veda is in the Excellent category whereas my Experian score is now in the Very Poor category…

For reference:
Veda Score brackets - Below average to average (0-509) Average (510-621) Good (622-725) Very good (726-832) Excellent (833-1200)
Experian Score Brackets - Very Poor (0-560), Poor (561-720), Fair (721-880) Good (881- 960), Excellent (961 - 999)

November - Veda 824, Experian 929
December - Veda 912, Experian 913
January - Veda 928, Experian 684
Febuary - Veda 928, Experian 624
March - Veda 928 , Experian 503
and Today for April Veda 1004, experian 503

The opposite is happening between both reporting agencies.

I reached out to Experian and just got back the standard carbon copy "Scores are based on a variety of factors blah blah blah there is no errors with our calculations please stop bothering us"

Does anyone have a theory as to what's happening here?
I would expect this type of behaviour if it was a bad debtor but I'm clean and of minimal risk as far as I can tell.
There are always differences between agencies but this is bizarre how can it go up with one agency with into the very poor category with another?

Financial

Comments

  • Nugs on 12/04/2019 - 06:15

    Given your history provided, why are you worried about the score?

  • gooddealmate on 12/04/2019 - 06:32

    If have no credit history then how can it be good. Have you checked to see if your cc is reporting with both experian and Veda? If it's only Veda that would probably explain it.

  • John Kimble on 12/04/2019 - 08:31

    Who do you have credit with? Some institutions don't subscribe to both, so one or the other may have less info to base their score on. Plus they have their own algorithms…

    edit: didn't see you don't actually have much credit at all? Weird.

  • Topdog on 12/04/2019 - 09:14
    +2

    yeah, those websites are a pile of puss and could not be more useless, Its just a way to get all your private data and sell it!

  • Easton on 12/04/2019 - 09:30
    +3

    From my understanding, banks (in Australia, at least) don't actually use the credit scores. Instead they look at what's listed on your credit report (accounts, enquiries, defaults, etc.) and have their own internal scoring mechanisms to determine whether you're worth the risk. So basically, the credit scores don't matter – rather, what's listed on your credit report does.

    Credit Savvy says I'm in the top 10% of my age group whilst Credit Simple says I'm in the bottom 11% of my age group. They both have all the same accounts/enquiries listed yet there's a 79% percentile difference between the two, so I wouldn't put too much credence on those credit scores.

    • miwahni on 14/04/2019 - 00:47

      In some institutions the credit score does play a part in the calculation of the internal risk profile, as well as being a factor in its own right. I saw a Veda score of NEGATIVE 904 last week - worst I've ever seen - and anything under 500 is an instant decline….

      I've only once seen an Experian score, provided by a customer trying to prove that her credit score really wasn't under 500, when Veda said it was.

  • one man clan on 12/04/2019 - 10:17

    More importantly why are you so concerned about your credit score? It's pretty irrelevant in Australia, thankfully.

  • Baghern on 12/04/2019 - 11:07

    Op needs to start applying for credit cards for points

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