Credit Scores of What Value Are They?

[BRIGADIER2JCS]

The old Brigs' been doing a bit of squirreling:spy: (secret) in reference to the much lauded highly respected:lol: CREDIT SCORE.

 

Hence the title: A CRA could be any one allegedly state your xxxx Credit Score is NOT Visilbe to any one other than YOU

The credit score is THE OPINION OF XXXX of the ability to obtain credit.

 

Scores are Calculated using the following factors.

*Conduct of Existing ACCOUNTS

*Amount of AVAILABLE credit

* DEFAULTED accounts

*The NUMBER of CREDIT APPLICATION SEARCHES

* PUBLIC RECORDS

The data is used by companies with other factors to generate their own credit score.

A poor score is not defamatory.

 

One of major problems I now see is that THE NUMBER OF CREDIT SEARCHES MAY INCLUDE SEARCHES MADE BY DCA's tagging their searches as OUTSTANDING DEBT? DEBT COLLECTION AS WE SEE From one major CRA's.

 

The question I now pose is ARE THEY WORTH IT AND DO WE NEED THEM Brig. ends rant:madgrin:)

[LostAtSea]

IMO they are not worth it and are just another money making vehicle for the CRA's. I got my score because I first thought it might be a useful tool in my quest to clean up my credit history but I recently received a credit increase from my MasterCard provider. Shortly after I received an email telling me my credit score had changed. Thinking this was nothing but good news I ordered my new credit score and was amazed to find that my score had dropped my a massive 30 points (840 Fine to 810 Fine). I contacted the CRA and was told that the drop was due to my having more available credit (a bad thing apparently) and whilst they wouldn't refund me they did promise to look at the trigger point for sending notification of score change, gee thanks

[BRIGADIER2JCS]

It occurred to me that very few people are aware of the mechanics of the mythical '' Credit Score''

that no one else sees, as you have said Lostatsea you believed being granted MORE credit would benefit

your '' SCORE' not reduce it.

[sequenci]

My credit Score is 999, my good lady's is 940. Both in reasonably well-paid jobs. Nationwide turned us down for a new mortage even though a single payment has never been missed anywhere.

 

Frustrating!

[BRIGADIER2JCS]

My credit Score is 999, my good lady's is 940. Both in reasonably well-paid jobs. Nationwide turned us down for a new mortage even though a single payment has never been missed anywhere.

 

Frustrating!

 

Hi, sequenci,

 

I am about to go on another crusade on the uselessness of CRA credit scores, you have just posted the kind of response

I believe will be typical of many many peoples' experience, the more I get the bigger the protest:madgrin:

[BRIGADIER2JCS]

I think we have a vicious circle NO Credit = Need Credit =but have no credit = can't have credit>have credit, get credit limit increase unasked for = lowered credit score and it just goes on!!!!!!!!!!!!!!

[Hazzinho]

Credit scores are just to give a rough idea or how your report is. lenders don't use these at all. lenders have their own criteria plugging the data into their systems.

[BRIGADIER2JCS]

That is the whole point of the thread!!

[LostAtSea]

In my ideal world there would be one independent, impartial and accountable CRA.

[BRIGADIER2JCS]

I''ll do it for a fee!!!! (big one of course). I agree wholly:madgrin:

[meemok]

How did we end up with 3 and that 'secret' one? N-something?

[The Debt Star]

DS has 4 defaulted accounts going back to 2006 all 4 are registered on the 3 main CRAs.

 

I have £10K available credit and zero owing on that available credit.

 

Exqueerian score.....900 (good)

Equitw*ts score.......240 (beyond bad)

Cruelcrudit score.....540 (fair)

 

Make any sense of that?

[BRIGADIER2JCS]

Hi, DS that is why I started the thread after the info passed to me

about credit scoring by lenders etc.

I intend with permission from those who post to the thread to make this part

of the project I am feeding to my MP on the ''credit industry''.

To me it all seem senseless there will of course me no personal data

shown when I write up the project.

[The Debt Star]

i'm gonna pm you a link

[BRIGADIER2JCS]

OK.

[BRIGADIER2JCS]

Thanks DS, will have a good read through that:madgrin:

[WhatALife]

Last time I checked my score was 349 with Experian, I have every Tom, Dick & Harry offering me loans & credit cards. I've had a look at my report on Equifax but never checked the score.

 

I no longer check my credit reports, as I got no interest in credit. At one time I would of had a loan, car finance, credit card etc but too many problems now.

 

I'm now at a point in life that if I can't afford to buy something straight out then I don't want it... or I'll save up for it.

[BRIGADIER2JCS]

Well said. I do have a low limit card just in case of emergencies all else

is cash or don't buy

[The Debt Star]

its not just about credit though. its also baout identity theft and checking yuor reports often is a useful way to see what's not, hopefully, going on.

[BRIGADIER2JCS]

Totally agree on that the CIFAS/ Gone Away/ Public information & searches are of value,

but the credit scoring is pathetically useless, and may give individuals false confidence on their

ability to obtain credit an vice versa.

[twofoot]

I'm in the same boat as whatalife. I haven't a clue what my credit score is. I don't want to know cos I don't want credit. I don't have credit and never will. Been there and done it, never again. I have not bad debts in the last 5 years but I've also no credit history so would guess I'll have a minus score but it means naff all to me. If I check it I'll have an even bigger minus.

[BRIGADIER2JCS]

I would have a check if only once a year just for any ID theft or links made.

[cashins]

On a point raised previously: It is correct that finance companies don't use the credit score shown on your report (and as pointed out, they don't see it anyway).

 

All finance companies however DO use their own scoring system, usually intergrated into their computer systems. In fact although they may well tinker with the system to suit their own circumstances, most actually just buy the scoring softwear from someone like experian.

 

Davide

[sallyhoffer11]

I'm new to This forum

I'm so lucky to find this awesome site

it is great to join this Forum, hope i'm welcome in.

[sillygirl1]

The CRAs need regulating, and WE need to be able to access OUR OWN DATA without charge, and without penalty (ie deduction of points) for doing so.

 

As far as searches go these should NOT impact our scores as quite often we have NOT authorised the searching company, implied or otherwise to do a search 'just because they can'.

 

The whole CRA scene (including the so called Credit Expert) is rotten, as is the so-called 'industry' it serves.