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Experian - New scoring method?!?!
- Thread starter Andapally
- Start date
RAMESH BABU N
TF Ace
The undue importance given to credit rating scores must have started when non-bankers have started deciding banking issues.
These stupid scores are indicators of the past. Not the future. How can these scores determine the future of a CC holder ? These scores have almost eliminated the role of a Banker - as only a banker estimates n predicts the financial wellbeing (or otherwise) of a borrower.
Strangely, till I took VRS from SBI in 2012, I never ever even bothered to know my credit scores. Good golden days.
Today, even before one's application is completed - online - these scores decide to proceed or drop the application mid-way.
As a Banker, I am extremely unhappy with this stupid n illogical trend.
These stupid scores are indicators of the past. Not the future. How can these scores determine the future of a CC holder ? These scores have almost eliminated the role of a Banker - as only a banker estimates n predicts the financial wellbeing (or otherwise) of a borrower.
Strangely, till I took VRS from SBI in 2012, I never ever even bothered to know my credit scores. Good golden days.
Today, even before one's application is completed - online - these scores decide to proceed or drop the application mid-way.
As a Banker, I am extremely unhappy with this stupid n illogical trend.
Sir
As a banker you are better aware of how these finance world works but as a non banker let me put forward my thoughts.
These days every one is in the race of acquiring more number of customers while keeping NPA low. The credit score ratings while being indicators of past gives a glimpse of future also. A person who has used credit responsibly is more likely to maintain his behaviour in future also.
Same is followed in courts also. A repeat offender is given harsher sentence whereas a first time convict is dealt leniently.
I agree that a banker can estimate the financial well being much better, but in this fast finger first world time resources are at premium and banks are taking calculated risks.
For higher amount borrowings such as home loan, it is always a banker who does due diligence.
Online approval or rejection algorithm are always subject to some error and that's where human intervention can change the decision.
Maikalal Jaikishan
TF Premier
Sir, they let anyone become a banker these days. When people can't do anything else in life, they join a bank. I would rather trust an algorithm than someone interested in selling me ULIPs.
Can you inform us what criterea do "bankers" use to determine the future that is different from these scores? Can you tell us how many applications can a banker process in a day compared to these algorithms? Can you tell us if the slow paced working of these "bankers" is conducive to the sort of growth that banks expect these days?
You are fairly very well across the platforms .. well done
Still an excellent score.. well done
akshayhs
TF Ace
Its probably Experian being Experian. If you fart in front of your computer, Experian deducts 25 points! /s
mayankpatel
TF Buzz
My credit score was 886. Got rationalised to 803 now. Still good I think.
Very good, actually…My credit score was 886. Got rationalised to 803 now. Still good I think.
Now both in CIBIL and Experian anything above 800 is an excellent score more or less…
May be Experian is running about 10 points ahead of CIBIL to treat them at par…
Last edited:
infinitememory
TF Buzz
Anil_Singh
TF Ace
Looks like WhatsApp method is adding enquiry.
Yesterday, I used CRED, no enquiry.
Today, I used WhatsApp, new enquiry.
Yesterday, I used CRED, no enquiry.
Today, I used WhatsApp, new enquiry.
DMed. Pls check
that's fine.. not counted
Only recently, probably after their migration to new calculation methods. I had checked earlier with WhatsApp, no enquiry happened but this month it did.
Yes, that’s the whole point of V3… to harmonise along with industry standards
Pls share the url caus onescore app have 20 odd days so I can check.I just refreshed it in Experian.. and my score went down to 810 from 813... just a meagre 3 points reduction.
Its fairly stable between 810 and 830 for the last one year.. you can see that in the graph below..
and CIBIL 802 ..
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