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Overhaul of credit scoring system??
Pammy
Posts: 267 Forumite
I guess this could go on any forum but as I am relating this to a mortgage application I am posting here.
Does the credit scoring system ever get reviewed?
I know its an absolute neccessity to see if people are crap with money but six years feels like an awfully long time before defaults drop off.
My two defaults from 2005 for just over £500 have made my life incredibley difficult. I have a fantastic job, good wage, looked after my money well since those blips.
Yet it seems unfair that all defaults are treated equal. Obviously measures need to be put in place to monitor risk but is this really the best way?
Does the credit scoring system ever get reviewed?
I know its an absolute neccessity to see if people are crap with money but six years feels like an awfully long time before defaults drop off.
My two defaults from 2005 for just over £500 have made my life incredibley difficult. I have a fantastic job, good wage, looked after my money well since those blips.
Yet it seems unfair that all defaults are treated equal. Obviously measures need to be put in place to monitor risk but is this really the best way?
0
Comments
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Six years is what is recorded by all credit agencies. It is down to the criteria of individual lenders as to how they view defaults/late payments etc..........0
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In mortgage terms 6 years is a reasonable time record to show you are capable of taking on a 20+years commitment.0
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Lenders review their credit scoring on a daily/weekly/monthly basis depending on their current appetite for risk/reward.
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