MSE News: MSE launches free Credit Club
Comments
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Experian says it cannot match me!
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Just one of those things I suppose0 -
The problem is of course that the upcoming free Experian credit report is pure fiction. Have you tried the revised link posted by jamesd?
But of course if you have a link to the evidence please post it: I've searched exhaustively and I can't find it!
I dont know if experian will offer it free anytime soon. But MSE have said that they will offer the report free of charge through their credit matching service at a cost to them in the hope they will make this money back in the future.0 -
I gave up during the sign up process. It asks too many personal questions which would cause real problems if this information became compromised . On balance against the limited benefit I thought it was not worth the risk...
What information do you find too personal? When it is asking you about your financial products it is simply using it to check against information they already hold on you. Your name and address are available on the electoral roll. The only new information you are providing is your salary and number of dependants which doesn't have to be spot on accurate if you don't want it to be.
But this service doesn't offer much at the moment so will only really be worthwhile when they provide free access to your credit report.0 -
Not a bad freebie to have and easy to set up.
It doesn't tell me anything I don't already know but interesting to be able to view as and when. My fictional credit score numbers are floating around the 900+ mark and I have a fair chunk of credit / income ratio thanks to a fair amount of stoozing and regular spending for 2 on my credit card..... don't trust DH to have his own lolTotal Mortgage OP £61,000Outstanding Mortgage £27,971Emergency Fund £62,100I AM NOW MORTGAGE NEUTRAL!!!! <<Sep-20>>0 -
I gave up during the sign up process. It asks too many personal questions which would cause real problems if this information became compromised . On balance against the limited benefit I thought it was not worth the risk...
By "compromised" do you mean that MSE or more likely their associated service are building a file on you or the information will be passed on to third parties? If the former of course they are: They are data mining in order to match you to a product.
On "associated service" I mentioned above, MSE is unlikely to be running the service themselves and are more likely to be agents of some other company: For example when I use the Moneysupermarket.com credit card comparison the company which appears on my credit report is Barclays!0 -
Can someone shed a little more light on what Credit Utilisation actually means?
It's telling me (with a little yellow face) "...you may be over-committed. Consider whether you're able to pay off any of the debt you already have before getting more."
However, I have no debts, no credit cards, no loans - I don't owe any money to anyone. So what other reason could there be for me getting a "fair" rating on this? Am I being marked down because I've not had a credit card? Could be because of a poor rent/income ratio (It's almost a third)?
It's not something I'm particularly worried about, I'm just curious.
Thanks,
Trev.0 -
Credit utilisation is normally the percentage of available credit that you have used. So if you have total limits of 10k and borrowing of 4k it'd be 40%.
Rent is not a factor in normal credit utilisation calculations. It is a factor in affordability calculations.
In your case it appears to be a glitch.0 -
I have just joined the Credit Club and am showing an Experian Credit Score of 975. However, my MSE Affordability Score is V Weak for credit cards and loans even though my mortgages are only 20% of my gross income.
I have checked the input figures in case I entered monthly v annual but they are all as requested. It just does not seem logical to me.
Hi PaulBear
Your affordability score is separate from your Experian credit score. It helps you see how lenders might regard you if you were to apply for credit. It's made up of your disposable income, your debt ratio, and credit utilisation.
The Experian Credit score only takes into account your credit history, it doesn’t include any information about your income and expenditure which is why we sometimes hear of people being rejected despite having perfect credit scores.
The scores sitting being your affordability score are:
1. Your ‘Debt ratio’ is about unsecured debt – credit cards, loans, overdrafts, etc. – it looks at the level of debt in relation to your take-home pay.
2. Your Credit Utilisation – this also looks at unsecured debt, but looks at all of your credit and debt, and how much you’ve used overall.
3. Disposable income – this looks at the money you have left each month after paying committed expenses like your rent and mortgage.
You can see a full breakdown of how each of these is used in the 'Affordability' tab in Credit Club.
If those numbers don't look right then it might be worth getting a copy of your statutory credit report, as this information is based on a combination of the info you've provided, plus the info matched to you by Experian. Details of how to get the statutory credit report (full report is coming soon to Credit Club) are shown in the 'check my credit file' tab on your dashboard.
I hope that helps.0 -
Tried doing this and the Experian score and affordatbility score just time out "Loading seems to be taking longer than usual. Please try again later".
Good idea but not working for me...0
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