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Experian 'lower my bills' - quite useful?
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(ie sell your info to bailiffs and parking fine companies)
lots of people misunderstand what credit ref agencies do.Karma is a wonderful thing.0 -
Experian? I hear they use Twitter and buy organic fruit at ASDA.
Why do people give their details to these scumbag companies to sell on and then buy other stuff off them?
Experian/Equifax make money off people who have money to waste. They may provide a service for business (ie sell your info to bailiffs and parking fine companies) but their retail side makes me feel sick.
How right you are! Its like this silly credit score they 'purport to provide' - then you see posts appear on here entitled 'excellent credit rating but can't get a credit card' or words to that effect and I for one am sick or repeating myself - The score means nothing in the real world! Experian have no idea how to assess credit as they are not a credit provider. Each lender marks their own internal credit score-card how they want and how they see their customer base. For instance Tesco do not care about whether you work, salary or whether you're a homeowner. MBNA however, reply on this data and if you don't work, or select 'other' in property section then they will most probably decline you.
How can Experian factor for all the different products and score-card techniques? They can't but the numpties that pay for this service seem to be bought into the concept!2010 - year of the troll
Niddy - Over & Out :wave:
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lots of people misunderstand what credit ref agencies do.
lol,
you mean like sell our data to any bidder (not the highest but any!), post inaccurate data about us, call us liars and stand up for the creditor all the time, break the law.... oh, not to forget, sell our credit data to companies - even unregulated ones.....
thats a few but 100's more examples too lol2010 - year of the troll
Niddy - Over & Out :wave:
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never-in-doubt wrote: »How right you are! Its like this silly credit score they 'purport to provide' - then you see posts appear on here entitled 'excellent credit rating but can't get a credit card' or words to that effect and I for one am sick or repeating myself - The score means nothing in the real world! Experian have no idea how to assess credit as they are not a credit provider. Each lender marks their own internal credit score-card how they want and how they see their customer base. For instance Tesco do not care about whether you work, salary or whether you're a homeowner. MBNA however, reply on this data and if you don't work, or select 'other' in property section then they will most probably decline you.
How can Experian factor for all the different products and score-card techniques? They can't but the numpties that pay for this service seem to be bought into the concept!
Not sure where you have gleaned this incorrect information from, however please allow me this opportunity to clarify a few point...
I have worked in credit risk for 3 major banks and can tell you that each bank did/does use CRA credit scores. Indeed they pay a substantial amount of money for these scores (as well as the raw infomation). Different scores are used for different purposes (eg application/ behaviour and marketing).
At application CRA score can be used as a straight decline (ie if experian score < xxx then decision = decline) or as part of an internal scorecard.
Behaviour scores can be used for account management decisioning (eg if exparian score < xxx then decrease limit or increase APR).
Banks do not know how scores are created however internal performance by CRA score shows us how predictive of risk they are. Low scores carry very high bad:good odds and vice versa.
Do not be fooled into thinking these scores are random.
Again, UK banks pay a lot of money for them and they ARE used.
Hope this helps0 -
Just to confirm what I was saying, http://news.bbc.co.uk/1/hi/business/2963580.stm
To clarify, yes they use data supplied from Experian but the score predicted by experian means nothing as the lender has their own scorecard! For instance my experian told me I had a score of XXX and would be suited for XXX cards - I applied and got refused due to failing credit score! That in itself answers it.
I now realise why you 'used' to work in banking risk (assuming you don't even know how they assess credit applicants!)
Credit is decided on 4 main factors:
1. The internal score (i.e. that particular lenders credit scorecard) fail this and you'll get a sorry, your application did not meet our lending criteria letter.
2. Credit Reference data for account conduct- fail this and it will say 'due to adverse data received from the CRA'
3. Electoral Register 'fail this and they will again say due to data retrieved from the CRA'
4. Other CRA data such as adverse info and missed payments etc fail this and they will say due to adverse data received from the CRA'
Experian, as with the other CRA's cannot and will not be drawn into the argument of 'do you decide whether I get accepted for credit' - they distance themselves from this and deny it all the time.
Worth noting: http://www.insolvencyhelpline.co.uk/credit-repair/credit-repair-faq.php#172010 - year of the troll
Niddy - Over & Out :wave:
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You clearly don't want to beleive the truth. I still work in banking as a risk manager, am paid over £45k to do so (not telling you this to show off but to show I KNOW what I am talking about- they pay me for a reason).
Die anyone else on this forum work in credit to back me up here?
We do use credit score and internal score and raw data in conjunction. Nothing is random and we are regularly monitored by the FSA, OFT and have TCF checks to ensure what we do is fair and legal.
You are the clueless one who thinks an account can be dormant AND active. Refering to prev post I also have HSBC Gold CC an pay off in full and certainly not reported as dormant.
Listen to this poster at your peril people.
Like i say I am not bothering anymore as lies are being told and when I try clear things up (I did so in a polite non patronising way) I get slated.
It's so rediculus it's laughable. Why do banks pay £xxx,xxx per annum or something that they won't use?0 -
meant to say does anyone else work in credit... Sorry I am not illiterate my phone does autocorrect if spell wrong.0
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never-in-doubt wrote: »Just to confirm what I was saying, http://news.bbc.co.uk/1/hi/business/2963580.stm
To clarify, yes they use data supplied from Experian but the score predicted by experian means nothing as the lender has their own scorecard! For instance my experian told me I had a score of XXX and would be suited for XXX cards - I applied and got refused due to failing credit score! That in itself answers it.
I now realise why you 'used' to work in banking risk (assuming you don't even know how they assess credit applicants!)
Credit is decided on 4 main factors:
1. The internal score (i.e. that particular lenders credit scorecard) fail this and you'll get a sorry, your application did not meet our lending criteria letter.
2. Credit Reference data for account conduct- fail this and it will say 'due to adverse data received from the CRA'
3. Electoral Register 'fail this and they will again say due to data retrieved from the CRA'
4. Other CRA data such as adverse info and missed payments etc fail this and they will say due to adverse data received from the CRA'
Experian, as with the other CRA's cannot and will not be drawn into the argument of 'do you decide whether I get accepted for credit' - they distance themselves from this and deny it all the time.
Worth noting: http://www.insolvencyhelpline.co.uk/credit-repair/credit-repair-faq.php#17
It appears that your knowledge of how credit applications are processed is based on personal anecdote and a few google searches.
Ritchie's comments do at least show some industry insight. The fact that this doesn't chime with your rather simplistic view is probably why you felt the need to question his professionalism.
As Ritchie74 pointed out, lenders receive a variety of pre-computed scores from the credit bureau. These are based on the raw data in the subjects credit file and the bureau's own analytics
The lender will make their own assessment as to how predictive the bureau scores are and how to use them in the credit decision.
Bureau scores certainly do have meaning and value to the lender. However, I'll happily agree that they have little meaning or value to a consumer as you have no idea how each lender will use them.The whole problem with the world is that fools and fanatics are always so certain of themselves, but wiser people so full of doubts.0 -
You clearly don't want to beleive the truth. I still work in banking as a risk manager, am paid over £45k to do so (not telling you this to show off but to show I KNOW what I am talking about- they pay me for a reason).
Die anyone else on this forum work in credit to back me up here?
We do use credit score and internal score and raw data in conjunction. Nothing is random and we are regularly monitored by the FSA, OFT and have TCF checks to ensure what we do is fair and legal.
You are the clueless one who thinks an account can be dormant AND active. Refering to prev post I also have HSBC Gold CC an pay off in full and certainly not reported as dormant.
Listen to this poster at your peril people.
Like i say I am not bothering anymore as lies are being told and when I try clear things up (I did so in a polite non patronising way) I get slated.
It's so rediculus it's laughable. Why do banks pay £xxx,xxx per annum or something that they won't use?
Yet again, you've swung the pendulum - i've never denied that lenders use experian, i'm saying they take no notice of the suggested credit score that experian show us when we log-in to my experian!
You know where it tells you a predicted score - this number is irrelvant! That is what I am saying......
I never once said my account was dormant - I've stated several times now that citi report the account after its got a £0 balance and so HSBC asked me if it was dormant as it always has a £0 balance.....
I'm confused as to what you're arguing over and getting posh about the small salary you earn for... i'm not disputing the basis of your accuracy, i'm disputing the fact that the score experian gives you is not an accurate based score and should not be taken as guaranteed to obtain credit.2010 - year of the troll
Niddy - Over & Out :wave:
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bert&ernie wrote: »It appears that your knowledge of how credit applications are processed is based on personal anecdote and a few google searches.
Ritchie's comments do at least show some industry insight. The fact that this doesn't chime with your rather simplistic view is probably why you felt the need to question his professionalism.
As Ritchie74 pointed out, lenders receive a variety of pre-computed scores from the credit bureau. These are based on the raw data in the subjects credit file and the bureau's own analytics
The lender will make their own assessment as to how predictive the bureau scores are and how to use them in the credit decision.
Bureau scores certainly do have meaning and value to the lender. However, I'll happily agree that they have little meaning or value to a consumer as you have no idea how each lender will use them.
I am not disputing anything about the raw data and the numbers that may be provided - i've never disputed that! My above post actually confirms what I disputed - i.e. your last paragraph! The original point that Ritchie has issue with is here -#16 where am I saying in that post that they dont use raw data or anything? I am explicitly referring to the actual score that you get from experian creditexpert... it means nothing!
And I think you'll find that Logistic Regression is the correct way of working out payers from non payers into the scorecard......2010 - year of the troll
Niddy - Over & Out :wave:
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