CRA's Do they ever do credit scoring for lenders etc

Cash_Flow

never-in-doubt wrote: »

because they quite simply do not! What is so hard to grasp with that little fact?

The credit scoring system allocates points for each piece of
relevant information and adds these up to produce a score.
When your score reaches a certain level then we will generally
agree to your application. If your score does not reach this level,
we may not. Sometimes scores are calculated by a CreditReference Agency and we may use these in our assessment

Source:

http://money.marksandspencer.com/pdf/CreditScoring.pdf

never-in-doubt

Cash_Flow wrote: »

The credit scoring system allocates points for each piece of
relevant information and adds these up to produce a score.
When your score reaches a certain level then we will generally
agree to your application. If your score does not reach this level,
we may not. Sometimes scores are calculated by a CreditReference Agency and we may use these in our assessment

Source:

http://money.marksandspencer.com/pdf/CreditScoring.pdf

I have already explained what your quote relates to above! I will send facts soon enough because i've requested from each CRA proof that they cannot issue scorecards that determine an outcome of credit to a consumer. I know they will confirm they don;t because they can;t but I done it to prove to you lot that I do know what i'm on about!

Just be patient proof will come soon enough. Ive also requested confirmation from the ICO

never-in-doubt

Cash_Flow wrote: »

I never said once said they grant or offer credit.

For the record I stated that depending on the lender (client) who conducts the credit search, both raw data and a credit score is provided by the CRA.

Sorry just noticed the above - in that case we are in agreement then because they cannot make that decision. The credit score you keep referring to is a blanket score and not specific to the individual which is what you're missing.

There is a grave difference between a blanket score to a specific score and the CRA's cannot do specific scores. That is why the 'credit score' they try and sign you up for is so out of touch with reality - cos they cannot and do not know how each lender scores so it is impossible to trust it as accurate and this is the type of score, if any, they may provide to lenders.

What lenders do with it is up to them.

bert&ernie

never-in-doubt wrote: »

Sorry just noticed the above - in that case we are in agreement then because they cannot make that decision. The credit score you keep referring to is a blanket score and not specific to the individual which is what you're missing.

There is a grave difference between a blanket score to a specific score and the CRA's cannot do specific scores. That is why the 'credit score' they try and sign you up for is so out of touch with reality - cos they cannot and do not know how each lender scores so it is impossible to trust it as accurate and this is the type of score, if any, they may provide to lenders.

What lenders do with it is up to them.

So is it the term "credit score" that you object to?

I don't think this implies that the CRA is making the credit decision.

never-in-doubt

bert&ernie wrote: »

So is it the term "credit score" that you object to?

I don't think this implies that the CRA is making the credit decision.

No it is the context in which people assume that a CRA's can influence a score / decision in any way - they cannot.

That is my main argument, however it won't matter too much cos when the reform kicks in and we join Euro system things will be revamped totally with us having a lot more say in what is held and distibuted about us!

bert&ernie

What exactly is a blanket score? Its that like a TOG rating?

never-in-doubt

bert&ernie wrote: »

What exactly is a blanket score? Its that like a TOG rating?

Funny!

A blanket score is a generic score, basically giving and using their version of a scoring model which is not specific to that particular lender or client group.

bert&ernie

never-in-doubt wrote: »

Funny!

A blanket score is a generic score, basically giving and using their version of a scoring model which is not specific to that particular lender or client group.

Thanks

Agreed, but the resulting score is specific to an individual.

bert&ernie

Tell me more about this Euro system?

never-in-doubt

bert&ernie wrote: »

Thanks

Agreed, but the resulting score is specific to an individual.

Ahh but not the one provided by the CRA - that is where I start the arguing because they cannot do it. Well they can using their scoring card but that would mean nothing to the lender because the basis of the scorecard may not be that of the lenders specific requirements meaning the basis for acceptance would be biased and unfair based around data provided by a CRA which immediately puts them into trouble....

Have a mooch here, interesting read: http://news.zdnet.co.uk/communications/0,1000000085,39640222,00.htm