poor credit vs good credit

[buddie84]

hey guys i just wondering in the uk alone do you think there is more people with bad/poor credit to the good/excellent credit in last 3 years as i think they be more bad/poor credit due to job losses and increasing defaults so i be amazed if anybody has excellent credit history with no defaults

 

what you think

[BSC]

There are plenty with excellent credit history. If anything the low interest rates have meant that many have been able to pay credit faster.

[BRIGADIER2JCS]

I have no defaults/missed payments/late payment/ CCJ's large debts.

Good income CREDIT RATING ''FAIR''

[BSC]

Yours could well be a case of not enough credit or outgoings already too close to income to give anything higher.

 

I'm stuck with poor for a couple more years until the defaults drop off

[BRIGADIER2JCS]

I have no problems getting credit at all have a look at my thread on the CRA sub forum

regarding credit scores.

[BSC]

I didn't say you did. The bits I mentioned may be enough to make the difference between fair and excellent though.

 

I'll have a read of your thread.

[BRIGADIER2JCS]

I had not taken]any offence it was just a comment on the uselessness of credit scores (Which BTW are not seen by lenders)

[davidscreditfile]

I have no problems getting credit at all have a look at my thread on the CRA sub forum

regarding credit scores.

 

How would I view this thread?

[BRIGADIER2JCS]

Checked my files yesterday Equifax 2 points off excellent

Experian in the poor area:???:

[davidscreditfile]

Checked my files yesterday Equifax 2 points off excellent

Experian in the poor area:???:

 

Experian tend to collect more data than the rest, for example, Experian will tend to capture little things like how long you have said you lived at each addresses, ,what you stated your income was on each application etc. I'd say it is essential that you go through your experian report with a fine tooth comb - even the smallest of erroneous information, like one one application you state you liked there for 1 year 2 months and the next 1 year 4 month or salary £30k, then salary £29K would have an impact.

 

The more erroneous information on your file, the less your score...

 

As I am sure you know they must hold accurate data - so try to ensure that each detail on your file matches, if not - have them change it.

 

I maybe wrong, and there are probably other factors, but Equifax are the ones that cause people most difficulty. Also Experian might have a different scoring system.

 

I'm sure if you listed some details one of the guys here could also comment or make suggestions?

 

Div

[BRIGADIER2JCS]

Hi Div, I've been working on a project for well

over 2 years on the CRA system and the credit scoring systems

used by lenders, I am fortunate not to have any debt problems

and no defaults late or missed payments, links to others etc.

I my professional life any financial wrong doing is severly

frowned upon.

I have contacts in the Commons and the Lords who will

be viewing the treatise when completed, I've corresponded

with all the CRA's the OFT and ICO on CRA related matters,

and in a few instances been paid compensation by DCA's for

myself and others regarding erroneous searches etc.

[davidscreditfile]

Hi Div, I've been working on a project for well

over 2 years on the CRA system and the credit scoring systems

used by lenders, I am fortunate not to have any debt problems

and no defaults late or missed payments, links to others etc.

I my professional life any financial wrong doing is severly

frowned upon.

I have contacts in the Commons and the Lords who will

be viewing the treatise when completed, I've corresponded

with all the CRA's the OFT and ICO on CRA related matters,

and in a few instances been paid compensation by DCA's for

myself and others regarding erroneous searches etc.

 

I'd be interested in your findings.

 

The credit scoring system is unknown - like, nobody knows. I've tried to find individuals who actually work within CRA companies or the makers of their systems - but have got nothing.

 

I remember a time when you got credit easy - and ok, there is fraud, but they have definitively tightened up their systems and from memory the scoring system is fairly new? in the past 10 years or so?

 

Personally, I think the scoring system is based upon your income and expenditure as well as what you have been able to pay in the past.

 

However, the only problem being is that if someone never has had any credit or has been out of the country for many years either with work, family or forces, then they will have real problems gaining or establishing any credit, which I feel is unfair.

 

Basically, I feel that the credit scoring system should be transparent and we should know exactly how they score and what we get points for - I don't feel it is anything that can be used against the credit industry. If they were more transparent then I feel people would not lie, the truth always wins!

 

p.s. You mention in your signature, click your star if you've helped out - I don't see anywhere to leave comments ?

[BRIGADIER2JCS]

Click twice I think:-D

I have been given an insight into

scoring systems after seeking help from

''higher authority'' it will make interest

reading, credit scoring has been around

for at least 40+ years I can remember

be credit checked to rent a colour tv in

the early 70's.

[davidscreditfile]

Click twice I think:-D

I have been given an insight into

scoring systems after seeking help from

''higher authority'' it will make interest

reading, credit scoring has been around

for at least 40+ years I can remember

be credit checked to rent a colour tv in

the early 70's.

 

Ha, I remember the good times when my Gran used her cards in the click-clock machine... !

Also, double tap where?!?!

[davidscreditfile]

found it lol

[BRIGADIER2JCS]

Click twice on the star at the bottom

of the post it should show add to reputation.

[davidscreditfile]

Completed ;-)

Thanks!

[davidscreditfile]

Being new I thought you were all administrators of the site! I never knew one could gain these, which is good. I see you are in the superior higher authority catagory

[BRIGADIER2JCS]

Hi, D I still don't understand how it works:???::der:

Thanks for the rep David much appreciated, always around to help if I can.

[boogiemaster]

I don't think the credit scoring system is that hard to work out if you break down what is actually on the credit report.

 

The credit reference agency will have modules and divide 999 points between these modules and take away points.

 

Not being on the electoral register minus points

 

Not living at address certain length of time minus points

 

Having county court judgment minus points

 

Having default minus points

 

Being bankrupt minus points

 

Owing large balance minus points

 

Late payments minus points

 

Missed payments minus points

 

Over a certain amount of searches in a six month period minus points

 

 

So points are taken away when you do something wrong and given back when you do something right but some modules might have higher points taken away depending on if its a default ccj etc.

 

I'm no expert its just a guess on what I would do if I were starting a credit reference agency and how I would do a scoring system.

 

 

I have a low score due to two defaults and that's what sort of gave me the idea for the modules as my credit score was poor at 580.

[BRIGADIER2JCS]

AS the credit ''score'' is not seen by potential lenders and

is purely an ''indication'' for the data subject it is largely

useless, how ever the systems used by the banks and other lenders

are commercially sensitive and use information other than the purely

mythical ''CREDIT SCORE''