Are credit reports worth the paper they are printed on?

mrton.

Is it yet another modern myth peddled by the finance industry that credit reports/ratings actually mean something?
The way i see it - you can have a squillion defaults/late payments/CCJ's on your file and still be approved for things.
It will always be down to the company in question weather you get a specific product or not.
Anyway - there cant be that many people left in this country now who dont have a bad credit file to one extent or another.
So if everyone continually gets turned down for things....then the country/economy collapses again surely?

planning_ahead_2

I think you are asking two different questions.

1. Does a credit report mean anything
2. Does a credit rating mean anything

I would say yes to the report and, whilst not not saying no to the second - credit rating means far less as each lender will have their own criteria to create a rating - so any rating consumers see on the credit files is just the best estimate of the CRAs.

I disagree about the 'can't be that many people left who don't have a bad credit file' bit. I have loads of debt (see my signature) but my credit file is excellent. We always pay on time or ahead of when payments are due and have never missed payments anywhere. I would image that even though my file is excellent I would (or should) be turned down for many financial products because I would be considered to be in too deep (and I know it:o).