Loophole to get a free credit rating discussion area

Former_MSE_Dan · 15 March 2005 at 12:01PM

This discussion relates to the Loophole to get a free Credit Rating article.

Click Reply to discuss.

Librarylottie · 16 March 2005 at 10:04PM

Hi, I've just joined Zopa and have been given my equifax credit rating. Is it better the higher the number?

Paul_Varjak · 16 March 2005 at 10:40PM

I got my credit file free from Equifax but they would have charged for my credit rating - so I didn't bother!

Paul_Varjak · 16 March 2005 at 10:56PM

Just joined since last post so it is very quick! It tells me:

Your credit rating is 393 This means that:

You can lend to any other Zopa member.

BUT

You cannot borrow from other Zopa members at the moment. Currently we do not have a market for your credit rating which you can borrow from. We hope to extend the number of markets over forthcoming months. You'll be able to see these new markets when you sign in and we'll also e-mail you when they launch.

You can find out more about lending and borrowing, and the market types in the What is Zopa section and in our FAQs.

I am not sure if this is ZOPA's credit rating or just the one supplied by EQUIFAX.

ffacoffipawb · 16 March 2005 at 11:05PM

Paul_Varjak wrote:

Just joined since last post so it is very quick! It tells me:

Your credit rating is 393 This means that:
You can lend to any other Zopa member.

BUT
You cannot borrow from other Zopa members at the moment. Currently we do not have a market for your credit rating which you can borrow from. We hope to extend the number of markets over forthcoming months. You'll be able to see these new markets when you sign in and we'll also e-mail you when they launch.

You can find out more about lending and borrowing, and the market types in the What is Zopa section and in our FAQs.

I am not sure if this is ZOPA's credit rating or just the one supplied by EQUIFAX.

I am serial stoozer, I got the following:

Your credit rating is 475
You can lend to any market A-B
You may be able to borrow from market A

Is that good? The number is meaningless to me I am afraid!

EDIT: Just looked at the loans available - the lowest available interest rate to borrow from market A is 2%! (yes, 2%).

What sort of idiot is lending money out at such a low rate - they could get more than double that on deposit from egg, ING and cahoot and many more!

Paul_Varjak · 16 March 2005 at 11:25PM

ffacoffipawb wrote:

The number is meaningless to me I am afraid!

Number is meaningless to me too! But I did not want to appear stupid! Still, it does mean the higher the number, the better your rating. What is the maximum rating possible, or is it open ended?

MSE_Martin · 16 March 2005 at 11:49PM

Sorry I have now put the link to the explanation into the article

Go to https://www.econsumer.equifax.co.uk/consumer/uk/forward.ehtml?forward=sp_online_sample to see what your score means

pinkfluffybabe · 17 March 2005 at 12:19AM

Jeez, just got a rating of 563. Wasnt expecting that at all. :j

icefall · 17 March 2005 at 12:38AM

mine was 246 = mega crap! Still nice to find out free, thanks.

mike_paterson · 17 March 2005 at 10:08AM

Mine was 502, but the most they would lend me was £2000 at 8.0 % which makes the whole thing rather a waste of time. (Not that I wanted to borrow anyway).

mrapps · 17 March 2005 at 10:30AM

In reply to Martin's note in this article about whether Zopa have to pay Equifax for the Credit Score, I would almost certainly say yes. (We give nothing away!)