Credit Report
- Thread starter kh85
- Start date
The score itself is completely fictional to anyone looking to lend you money since Experian/Equifax have no way of knowing how much you earn each month and therefore are unable to assess how much of a risk you are.
The report itself can be quite handy though to make sure you are not shown as having missed payments or defaulted or even possible fraud.
We used the 30 day trial for my other half and cancelled with no issue whatsoever.
earnings are used to assess affordability not risk
Which will pretty much amount to the same thing if you're a loan company. If you are seen not to be able to pay money back, you're a bigger risk.
The credit scoring process considers more than just risk, it also takes into account likelihood to repay, which includes income, expenditure - and other factors which Experian etc don't have access to.
You may be declined for affordability reasons by an institution, however you may also fail their qualifying criteria, and you may fail their credit scoring (or all 3) depending on your income.
For example the floor is often 500, or 700 per month cleared income, or 10K per year before tax. Try applying with that baseline income and you'll fail scoring often.
Dont worry I'm familiar with scoring systems, I used to help write them for lenders. My point going back to the Op is that the score offered by people like experian etc isn't hugely useful as it s not used by lots of lenders, they calc their own. They are though a useful source of info on repayment habits
. All of the credit checks on me are from car insurance comparisons it seems.Which will pretty much amount to the same thing if you're a loan company. If you are seen not to be able to pay money back, you're a bigger risk.
I think what Cram meant is that declared income is generally a weak variable in risk prediction models, but is used more commonly as part of a debt:income hard cut.
i just want to see a list of my history really, as i have messed up a few payments and want to know which ones are showing up on my file.. i just didnt know how easy it was to cancel the membership, or if they try and subscribe you to any third company when signing up.
thank you all
thank you all
I understood that but it wasn't really linked to the point I was trying to make in my original post, the Credit Report only provides half the story so the figure they provide means little to nothing.
Thank you for trying to assist though.
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new question about this, if a credit check is done online through experian etc, can old debt companies find out and start sending old debt letters requesting payments to my current address? do these companies have the power to use credit report sites to find out where you live? ii have some old debts that im trying to discover and fix, but i dont suddenly want red letters flowing through the door. thanks
Soldato
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- 6 Sep 2008
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Sadly yes. Most DCAs do what is called a Table 1 search, which is a search credit lender can do. This will highlight if you have another address. What they should be doing is a Table 2 search which gives them less info and despite the fact they are blatently abusing the system the Credit Reference Agencies dont care so long as the DCA keeps paying the fees.
It's worth noting however that if you have a bank account (for example) and move address then this will get updated on your credit file too, so it's not just a request for your credit file that can trigger this.
This will apply to anything showing on your credit file - banks, car insurance searches, mobile phones, any hire purchase, credit cards etc.
I'm 1/5 on Noddle but I'm not worried as I'm rated higher on other websites.
Plus I have no problems getting credit.
It is useful to see if people have been making checks under your name though, and I now won't be comparing insurance so often after seeing loads of checks!
Plus I have no problems getting credit.
It is useful to see if people have been making checks under your name though, and I now won't be comparing insurance so often after seeing loads of checks!
Hi, did you have to enter in any bank details when using noddle?
Just my debit card details, same as I've done with Experian and others in the past.
I've used experian recently and can't fault the service the provided . I got myself into a hell of a mess when I was younger but that has changed now but obviously I still have the financial burden from the past 
I would recommend you give it a go and see what they have to offer
I would recommend you give it a go and see what they have to offer