Credit Rating

JohalaReewi

nobi79 wrote: »

I have had a credit rating from equifax of 537,

Each lender will calculate a credit score for you based on lots of information and will not tell you what it is or how they calculated it.

Equifax (and Experian and the other one) are not lenders so their score is not a credit score. It is just a made up number which is why they are happy to sell it to you.

Experian_company_representative

This is a tad misleading. What the scores the CRAs provide do is summarise your credit data based on how we know lenders assess your credit data. Most lenders do use CRA expertise and tools to help them build and maintain their scoring systems, such as Experian's Strategy Management tool. For example, check this out: http://www.finextra.com/news/fullstory.aspx?newsitemid=11180

While the CRA scores you as a consumer can get will not of course be the same as lenders' scores - they factor in other data for a start - they are certainly not meaningless. They are a good guide to the state of your credit history and how a lender is likely to assess it.

James Jones

salau2

Sorry but how can paying for a product that can generate a 900/1000 credit score when you have deafaults etc... be at all helpful? If anything it is misguiding the consumer to think that they have a chance of getting prime credit when in reality they have no chance.
That link was 2004. I think Barclaycard use HD Decision Ltd for the pre application check now do they not?