Credit rating discrepency between Equifax / Experian and Illion

[ChrisMars]

Gday here,

I recently ordered my credit report for Equifix, Experian and Illion.
While I had an "Excellent" rating for the first two, I am slightly puzzled as to why Illion only rate me as "Good", where the rating scale goes from Excellent, Great, Good etc... on those 3 credit report agency. Wondering if someone has some insights, i.e. is Illion generally known to be more severe, or if that's something I should try to follow up with Illion. Nothing wrong on the report themselfes as far as I can say. I churn a bit my cc, but not too much, which keeps me in the "excellent" zone for the first 2 report agencies.

 

[exceladdict]

Gday here,

I recently ordered my credit report for Equifix, Experian and Illion.
While I had an "Excellent" rating for the first two, I am slightly puzzled as to why Illion only rate me as "Good", where the rating scale goes from Excellent, Great, Good etc... on those 3 credit report agency. Wondering if someone has some insights, i.e. is Illion generally known to be more severe, or if that's something I should try to follow up with Illion. Nothing wrong on the report themselfes as far as I can say. I churn a bit my cc, but not too much, which keeps me in the "excellent" zone for the first 2 report agencies.

My observations are similar; with illion generally being the strictest. Some of them appear to have different data feeds, including utilities or not, etc.

 

[ChrisMars]

My observations are similar; with illion generally being the strictest. Some of them appear to have different data feeds, including utilities or not, etc.

Thanks, good to know. Indeed it seems like the 3 agencies have slightly differnt info. Bit weird Illion is stricter. I hope thats not the one used by citibank

 

[burmans]

Ilion are easily the smallest of the three and seem to have an emphasis on utilities whereas the other two are more attuned to banks/credit cards. Generally the answer to your question is different data and different scoring mechanisms but I do sort of wonder if that target audience makes a difference too.

Of course the credit reporting providers haven’t had a lot of success with their scoring products, so I wouldn’t worry too much, most people look at the data itself rather than relying on the scores.

 

[33kft]

Thanks, good to know. Indeed it seems like the 3 agencies have slightly differnt info. Bit weird Illion is stricter. I hope thats not the one used by citibank

Banks claim that they don't use the scores provided by the providers (which are their own algorithms) and instead use the data (accounts, enquiries, defaults, repayments). This makes sense, if a bank has multiple providers you'd need to normalize the data first, and banks would very very likely have their own criteria and model for analyzing consumer credit risk.

Plus, even if a bank did rely on these numbers, if Illion was consistently lower scoring (which it seems to be, I see the same) and the bank used just one provider, everyone would score lower and it wouldn't matter anyway.