Pointless/worthless credit scores

fozmcfc

Read it so many time on here.

If the score is meaningless than why are Experian allowed to get away with charging you for it, do their T&C's if you read between the lines explain that the score is really irrelevant to lenders and it's a case of those paying for it, just don't read them. If not why are they still allowed to charge.

You would think if the score they give you is random, pointless, however you want to say it, then basically surely the regulators would do something about it.

Finally with Equifax you get the score with your report online. There is no option like with Experian to pay or not to pay for the score.

zppp

fozmcfc wrote: »

Read it so many time on here.

If the score is meaningless than why are Experian allowed to get away with charging you for it, do their T&C's if you read between the lines explain that the score is really irrelevant to lenders and it's a case of those paying for it, just don't read them. If not why are they still allowed to charge.

You would think if the score they give you is random, pointless, however you want to say it, then basically surely the regulators would do something about it.

Finally with Equifax you get the score with your report online. There is no option like with Experian to pay or not to pay for the score.

There is no regulator for credit files apart from the ICO, which governs the method and legalities of the information stored. They are giving their interpretation of the information they hold. Individual lenders analyse applications differently.

Fergie76

fozmcfc wrote: »

Read it so many time on here.

If the score is meaningless than why are Experian allowed to get away with charging you for it, do their T&C's if you read between the lines explain that the score is really irrelevant to lenders and it's a case of those paying for it, just don't read them. If not why are they still allowed to charge.

You would think if the score they give you is random, pointless, however you want to say it, then basically surely the regulators would do something about it.

Finally with Equifax you get the score with your report online. There is no option like with Experian to pay or not to pay for the score.

No they don't, Equifax charge your credit score too.

RobertoMoir

I wouldn't say the score is totally worthless. It's a quick summary of their data on you.

The problem, and the credit agencies *do* encourage this so they still have to take some of the blame, is that people try and use this data to mean something it does not - an indicator of whether or not you will get credit.