Avoid 'Credit Expert' and Aspire Money

koppite412

Hi all,

Just a quick heads up, some of you may have this under your belts already.

Credit Expert offer a 'service' where they apparently match your circumstances to loans based on info in your credit report, but without actually doing a credit search. This seems pretty cool as clearly you can gauge the market.

However, if after searching you click more 'More Advice' you will be referred to Aspire Money, an external lender, usually applying rates of 53.9% Need I say more about this type of lender and what you ACTUALLY pay. Aspire are very quick to start an application, even though through Credit Expert, you could merely have been looking for a quote.

My advice: Avoid the skinny ginger idiot's outfit on TV and use your common sense. Follow the techniques detailed on this site as a system and say to yourself 'Can I afford it?' Don't use Credit Expert - they're *appear* to be brokering for this other company.

Enfieldian

Credit Expert/Experian's main function, to allow access to your credit report is fine, however seeing as word is getting around about how you can trial it for 30 days for free and that their "Credit Score" is a meaningless random number they are trying to generate revenue elsewhere.

koppite412

Hi Enfieldian

Didnt know that about the credit score number being meaningless...

I know they charge £6 for a look. Whic I believe is wrong somewhere in the terms of Data Protection Act...

How come you say its meaningless?

Apples2

koppite412 wrote: »

I know they charge £6 for a look. Whic I believe is wrong somewhere in the terms of Data Protection Act...

Why would you think that???

koppite412 wrote: »

How come you say its meaningless?

It's all well and good seeing a score which Experian/Equifax have decided you score.... but are you applying for a loan with either Experian or Equifax??

Here... I now award you a Credit Score of 3 out of 100000.

Do you now think I have affected your chances of getting a loan??


All lenders have their OWN method of scoring you, it matter not a Jot what experian/equifax give you.

Tixy

koppite412 wrote: »

Hi Enfieldian

Didnt know that about the credit score number being meaningless...

I know they charge £6 for a look. Whic I believe is wrong somewhere in the terms of Data Protection Act...

How come you say its meaningless?

The DPA allows a business to charge you £10 for the data it holds on you.
But the 3 CRAs are different and charge you only £2 to see your statutory information.

The £6 odd is for a credit score which is not data they hold on you, or give out to anyone else. It is a service they offer if you ask and pay for it. Which is not worth doing.

koppite412

Interesting stuff from everyone, thanks to all that have contributed.

Anybody hear of ID aware from Lloyds? Apparently same as Credit Expert, but again, a credit score is involved, but with no extra charges...

Apples2

koppite412 wrote: »

Anybody hear of ID aware from Lloyds? Apparently same as Credit Expert, but again, a credit score is involved, but with no extra charges...

Are you sure it is free??

ID Aware

ID Aware gives you the tools and services to minimise your risk of identity theft and put mistakes on your credit profile right.

You may not realise it, but with over 77,000 cases reported in 2008, identity theft is one of the fastest growing UK crimes. A less than accurate credit profile, whether it’s due to identity fraud or honest mistakes can have a huge impact on everyday life.

You can be ID Aware with this service for just £6.99 per month

Soooorze

http://www.lloydstsb.com/security/idaware.asp

System

koppite412 wrote: »

Interesting stuff from everyone, thanks to all that have contributed.

Anybody hear of ID aware from Lloyds? Apparently same as Credit Expert, but again, a credit score is involved, but with no extra charges...

ID Aware uses data from Callcredit, hardly any lenders use them to search so you'd never be alerted about fraudulent applications which is one of the main reasons people take these 'ID protection' products.

IMO none of them are worth the monthly fee, especially considering that you can now get your statutory report online for £2. You could get a report from all three agencies each month for less than a subscription to Credit Expert / ID Aware.

Regards
UNDERGROUND

dubs_2

I had a call from Apsire saying I had applied for an 8K loan?!?! Anyone know if this is one of their cold-calling tactics or whether I should worry about someone using my details to apply for Loans? I have been using Equifax quite regularly to monitor changes my credit report.

pavy

hi,folks just a warning about provident loans i gave them my info for a 250£ cash loan i had been a good customer a few years ago and always paid in the 12 month limit infact i got 1000£ each year,but for no given reson they passed on my details to (aspire)who have phoned my home daily i have refused all offers,they also refused to disclose their apr pavy.

BLT_2

koppite412 wrote: »

Hi Enfieldian

Didnt know that about the credit score number being meaningless...

I know they charge £6 for a look. Whic I believe is wrong somewhere in the terms of Data Protection Act...

How come you say its meaningless?

Its totally meaningless because all lenders use their own criteria.

Experian give you a credit score of 952 with a small deduction as you are not on the electoral register. Congratulations you are an excellent risk, that will be 7 pounds, thank you very much.

5 minutes later you will be rejected by Lloyds as you are not on the electoral register, 10 minutes after that you will be rejected by Barclays for another reason.

Go back to Experian who will happily give you another credit score, this time of 873, (that will be another 7 pounds thank you). You are now a 'good' credit risk because you have applied for two loans based upon their meaningless credit score.

You may as well go down the dog track and put your money on a 3 legged jack russell as buy Experians credit score, either way you are coughing up 7 quid to purchase a dog :-)