Credit xpert

[TW]Fox · 16 Nov 2012 at 10:09

Gornall said:
Many lenders do use a 'score' as part of the criteria.

When we request details of an applicant the score is the primary method we use, only those on the fringe do we look in detail.

Same as other places I have worked.

A score, not that score. The lender calculates its own score based on its own lending criteria.

Gornall · 16 Nov 2012 at 10:39

[TW]Fox;23177526 said:
A score, not that score. The lender calculates its own score based on its own lending criteria.

The credit agency of choice will send you 'their' score. We (and the two other places I've worked) simply applied our ranges to their score.

Experian, Teletrack, Equifax etc all provide a delphi score (appreciate there will be variances) but they do provide a score. And lenders will make primary decisions on that score.

There is truth in that the score is meaningless to a "customer", doesn't mean it's meaningless entirely though.

LiE · 16 Nov 2012 at 10:42

bifday2k said:
Lol signed up, found 7 errors on my report, was showing my parents bank acc, their loan, Gas and leccy..

All becuase he and I share the same first name, don't they read full applications and stuff and take into account the middle name at all. Iv had to send them 7 disputes, lets see how good they are at sorting that lot out lol.

I was the same, all sorted now though. How they could think I took out a car loan when I was 12 I don't know!

Gornall · 16 Nov 2012 at 10:44

LiE said:
I was the same, all sorted now though. How they could think I took out a car loan when I was 12 I don't know!

Wait...you expected some common sense? More fool you

[TW]Fox · 16 Nov 2012 at 12:06

The main reason the score is so meaningless is it has no knowledge of your salary.

Somebody on £8k a year with a £10k outstanding credit card balance is a potential disaster waiting to happen.

Whereas somebody on £100k a year might routinely have a balance of £10k just through regular spending within that months billing cycle. Only when you look at income combined with the other information on the profile can you make an accurate 'guess' as to the creditworthyness of that individual.

The scores on the credit agency websites are generally there to extract £5.99 from you for generating them (With the exception of Noddle).

It is also a fallacy that credit card companies are not interested in people who never pay interest as they 'make no money'. They absolutely do - they take a percentage of each transaction as a merchant fee!

anything I don't mind · 16 Nov 2012 at 13:13

Be careful for the free credit report sites that take your credit cards and then bill you the following month. Experian got me like that and was a total waste of money as the credit report is designed to get you to pay them money and not actually offer a genuine credit worthiness record.

http://www.consumeraffairs.com/privacy/experian.html

http://www.ripoffreport.com/directory/experian.aspx

jrodga2k5 · 16 Nov 2012 at 13:55

To be fair my score on there was 999...not that it really means anything

I was just using it as I had a bit of Fraud that I had to check out on all the sites (free trial naturally).

As others have mentioned though, Noddle is your friend

Gornall · 16 Nov 2012 at 14:00

[TW]Fox;23178351 said:
The main reason the score is so meaningless is it has no knowledge of your salary.

Somebody on £8k a year with a £10k outstanding credit card balance is a potential disaster waiting to happen.

Whereas somebody on £100k a year might routinely have a balance of £10k just through regular spending within that months billing cycle. Only when you look at income combined with the other information on the profile can you make an accurate 'guess' as to the creditworthyness of that individual.

The scores on the credit agency websites are generally there to extract £5.99 from you for generating them (With the exception of Noddle).

It is also a fallacy that credit card companies are not interested in people who never pay interest as they 'make no money'. They absolutely do - they take a percentage of each transaction as a merchant fee!

The points you are making are entirely valid. The point I was disagreeing with was in your first post:

Lenders will look at your file and use the information in it - not a score - to decide whether to offer you credit and on what terms.

This isn't true, the credit agencies usually send the referrer a score back (with other information sure) and lenders can and will use it as a basis.

LiE · 16 Nov 2012 at 14:10

I was under the impression lenders had their own scoring system.

Locky · 16 Nov 2012 at 15:39

bifday2k said:
Lol signed up, found 7 errors on my report, was showing my parents bank acc, their loan, Gas and leccy..

All becuase he and I share the same first name, don't they read full applications and stuff and take into account the middle name at all. Iv had to send them 7 disputes, lets see how good they are at sorting that lot out lol.

I had the SAME problems with my report showing my father's stuff on my account, it caused no end of problems are took best part of a year to sort.

daz · 16 Nov 2012 at 16:02

Just signed up for Noddle, thanks. Amazing how much information is on there!

BarryyBoyy · 18 Nov 2012 at 02:25

Credit score went upto to 734 once on voters role hope it jumps up.

Narj · 18 Nov 2012 at 08:34

I seem to be getting a flood of spam after signing up to noddle. Coincidence?

I always make sure I uncheck any marketing tickboxes.

Beans on toast Dave · 18 Nov 2012 at 08:35

Narj said:
I seem to be getting a flood of spam after signing up to noddle. Coincidence?

I always make sure I uncheck any marketing tickboxes.

i never get any spam emails from them or any extra emails after i signed up, only a email to say they have updated my report