Credit Check!?!?!

never-in-doubt

cifpower wrote: »

Addresses cannot have bad credit ratings - only people

Not entirely true because all credit suppliers (lenders) use demographical date (i.e. charts) to analyse credit worthiness.

For example; http://www.businessballs.com/demographicsclassifications.htm

My demographic classification at my old address was dire - not so now. :beer:

never-in-doubt

Innocent_Guy wrote: »

Postcode does have an impact......... For example if you apply for a catalogue but in your area alot of people default on catalogues this will have an impact.

Remember there is a difference between credit scoring & credit rating

Mate, that's to do with Synectics Solutions (FRA) remember - they have a catalogue delivery/default database but this CANNOT be used in any credit decision made - however, it can be added to their scorechart so will mean you've less chance of getting a high limit.

never-in-doubt

mluton wrote: »

Sorry to hijack, But am I right in thinking that the lender can refuse to say why they refused you ?

Cheers, Matt

They have to, by law, give you one of three main reasons:

1. Credit Score/Qualifying Criteria
2. Adverse Data
3. Credit Agency Details

never-in-doubt

WIKI explanation of Acorn (Demographics) - the main UK classification system - http://en.wikipedia.org/wiki/ACORN_(geodemography)

Acorn site - http://www.caci.co.uk/acorn/

Innocent_Guy

never-in-doubt wrote: »

They have to, by law, give you one of three main reasons:

1. Credit Score/Qualifying Criteria
2. Adverse Data
3. Credit Agency Details

Thank you

Innocent_Guy

never-in-doubt wrote: »

WIKI explanation of Acorn (Demographics) - the main UK classification system - http://en.wikipedia.org/wiki/ACORN_(geodemography)

Cool............ It explains this in lay mans terms on checkmyfile.

You can check your postcode there aswell

never-in-doubt

Innocent_Guy wrote: »

Cool............ It explains this in lay mans terms on checkmyfile.

You can check your postcode there aswell

Exactly - I know my stuff mate

Innocent_Guy

http://www.checkmyfile.com/neighbourhood.asp

Innocent_Guy

Following quote taken from checkmyfile.com

We have brought together information from many sources, including geodemographic databases, census data, questionnaires and government statistics.
We’ll tell you about the people who live within a postcode, based on tribal class; whether they are likely to live like a prince or a pauper; their average credit rating, house prices, weather, maps, satellite images, family composition, educational levels and the socio-economic groupings of residents; how they travel to work, their ethnic origin, employment status and much more.
Anyone, not just Big Brother, can find lots of postcode based information really easily. Now you can do the same.
The difference is, if you don’t agree with what you read, we give you the opportunity to feed back, so any errors can be reviewed by the people who own the data.
Your postcode rating can even impact on your credit rating – affecting your ability to get cheap loans and credit.

never-in-doubt

Innocent_Guy wrote: »

Following quote taken from checkmyfile.com

Your postcode rating can even impact on your credit rating – affecting your ability to get cheap loans and credit.

Thanks mate
Confirms what I said :beer: