Experian new version 3.0 launched. your experian score may decreased

[Ganesh_Shinde]

Experian's credit score system has been upgraded to version 3.0 (V3), aiming to provide a more accurate picture of an individual's creditworthiness. Here's a breakdown of the key changes:

• Data and Trends: V3 incorporates the latest data and market trends in its analysis. This means it considers factors that might have not been given much weight before.
• Enhanced Accuracy: The update aims to improve the overall precision of your credit score by making adjustments to the scoring methodology and features used.

Possible Impacts:

• Score Fluctuations: Due to the new approach, your credit score might differ slightly from the previous version. It might be a few points lower to reflect a more nuanced evaluation.
• New Scale: Experian V3 adopts a 300-850 scoring range, aligning with many other consumer credit scores. This can make score comparisons across bureaus more straightforward.

For more details, you can visit the Experian India V3 FAQs page [Experian V3 score india ON experian.in].

 

[Skylar]

Expected date of implementation?

- I guess they were already implemented and they are matching to CIBIL score from last February.

 

[hitirfan]

Expected date of implementation?

- I guess they were already implemented and they are matching to CIBIL score from last February.

I used to have 800+ Experian score but then it went down to 770 with implementation of new thing

 

[Ganesh_Shinde]

Expected date of implementation?

- I guess they were already implemented and they are matching to CIBIL score from last February.

This is already implemented and not sure on the dates when it was actually implemented. The impact of this implementation is many subscribers reported a drastic down into there Experian score...Mine was also dropped by 187 points with a normal behaviour. No delayes in payments and within credit limit.

 

[Skylar]

This is already implemented and not sure on the dates when it was actually implemented. The impact of this implementation is many subscribers reported a drastic down into there Experian score...Mine was also dropped by 187 points with a normal behaviour. No delayes in payments and within credit limit.

Mine dropped by 35 points in February.

 

[Ganesh_Shinde]

Yea I thinks it's worst thing which Experian did... This impacted me a lot. So recently I have applied for 3 credit cards and all got declined. My Cibil score is 758 and Experian around 580. Earlier my Experian score was around 783.

 

[Skylar]

Yea I thinks it's worst thing which Experian did... This impacted me a lot. So recently I have applied for 3 credit cards and all got declined. My Cibil score is 758 and Experian around 580. Earlier my Experian score was around 783.

Yeah 2024 after RBI guide lines all these credit bureaus implemented new algorithms and everyone's score changed.

 

[rajat0197]

Generally Experian Score is always higher than the CIBIL But in recent time from last 3 to 4 months my experian score is less than CIBIL Score.

 

[17ysaurabh]

My Experian score dropped from 840+ to 771 since Feb.
Around 69 points

 

[Ganesh_Shinde]

It is because recent updates done by Experian. I honestly I am not surprised as Experian is one of worst credit buerue in India and US too

 

[Bharatiya Nagrik]

It is because recent updates done by Experian. I honestly I am not surprised as Experian is one of worst credit buerue in India and US too

Absolutely true. They kept reporting non existent loans for years (which I had never applied for but was some technical error from the bank side). They kept saying it is the bank who is giving the information. I spoke to the bank multiple times they said it was an error from their side but they already showed it as closed at the same time. Only After an RBI ombudsman complaint against Experian they closed it in their report.

 

[Ganesh_Shinde]

On this I have best example happened with me. I have one loan which was closed in 2019, which was closed in transuion CIBIL report but not closed in Equifax, CRIF. When I checking both reoports now I realized it, I think RBI should have simpler process in place.

 

[Bharatiya Nagrik]

CIBIL and CRIF are updated properly most of the time. Experian is a pain. Hope now all follow the standards set by RBI and all 3 reports are in sync.

 

[Ganesh_Shinde]

I have written a complaint to RBI for the same and I am waiting for the response from them. RBI portal is down for sometime now.

 

[hoodedRobin]

I had ICICI bank cards. I had only CIBIL score, Experian had no data on me. After I got HDFC card then Experian got my data starting from May.
I see drop of 2 points from 820.

 

[hoodedRobin]

CIBIL and CRIF are updated properly most of the time. Experian is a pain. Hope now all follow the standards set by RBI and all 3 reports are in sync.

I have 3 cards from bank A and 1 card from bank B. My cibil shows only 2 cards. Are they updated?

 

[Ganesh_Shinde]

I believe you are using the cards since long, if the 3rd card is not updated then it might be an issue.