How My Credit Scores are Converging Across Bureaus

[Akash97p]

Over the years, I’ve kept a close eye on my credit scores from these four bureaus. At first, there were noticeable differences, Experian was usually higher, CRIF was trailing far behind, and CIBIL and Equifax stayed somewhere in the middle. But then, around mid-2023, things started to change, and the scores began moving closer together.

The Convergence Trend​

• CIBIL has remained consistent .
• Equifax has shown minor fluctuations but aligns closely with CIBIL.
• Experian, traditionally higher, has recently recalibrated its scoring model, leading to a noticeable drop and alignment with other bureaus.
• CRIF, once significantly lower, has been improving steadily, possibly due to better data integration and scoring accuracy.

Why Is This Happening?​

1. Experian’s Updated Scoring Model: Experian recently introduced its Version 3 (V3) scoring model, aligning its scoring range and criteria more closely with CIBIL. This update has resulted in more consistent scores across the board.
2. CRIF’s Improvement: Although there’s no official announcement from CRIF, their scores appear to be catching up, possibly due to enhanced data analysis and reporting standards.

What are your thoughts?

 

[tachniki]

Will you know when Experian started using new model? My score dropped from 834 in early 2024 to 814 in late 2024 without much change in Cibil.

 

[Akash97p]

Will you know when Experian started using new model? My score dropped from 834 in early 2024 to 814 in late 2024 without much change in Cibil.

Experian launched its new scoring model, Version 3 (V3), on April 22, 2024.

In my case, my Experian score dropped 61 points between April and May 2024, while my CIBIL score stayed relatively stable. It seems likely that the score drop is tied to this new model being rolled out.